Tax avoidance: UK effort to collect from assets hidden in Switzerland fails
'Giant loopholes' in Treasury's deal with Swiss authorities mean HMRC will see only small fraction of expected £3.2bn
"The Swiss Bankers Association (SBA) said the UK may get little more than a CHF500m (£347m) minimum levy agreed with the UK after individual banks found only small sums from UK citizens were caught by the deal."
"The Swiss declaration is not only embarrassing for the Treasury, it also This knocks a sizeable hole in public finances as the Office for National Statistics controversially included the £3.2bn in May's public accounts."
"The SBA said numerous UK clients had chosen to make voluntary disclosures to the tax authorities...
...It is not clear how much the Treasury has received directly from UK citizens who opted to make a voluntary disclosure of their tax position, but tax experts said it was unlikely to make a material difference to the shortfall.
But a Treasury spokeswoman said there was no reason to revise the estimated revenue from the deal.
She said: "As the SBA has said, more people have chosen to disclose their tax affairs to HMRC than expected so the yield from this route is likely to be higher than anticipated.""
http://www.guardian.co.uk/business/2013/jul/05/tax-avoidance-uk-effort-switzerland-fails