UK government on Swiss tax deal: TJN was right

   0   0 Blog

In October 2011 we wrote a long report about why a new tax agreement between the UK and Switzerland was doomed to fail. Not only was it a reprehensible amnesty for criminal tax evaders, but it was full of loopholes so egregious it can only have been deliberately crafted with their interests in mind. (If you think that’s hyperbole: why would they create a deliberate and explicit exemption for ‘discretionary’ structures – the bread and butter of British tax-evading structures? See Section 3.1 of the report for the ugly details)

Now we see a report from UK satirical magazine Private Eye:

“The deal was so …poor, and potentially in breach of European law, that a team of officials flew to Zürich last week to begin renegotiating it.”

The agreement originally forecast that the deal would rase up to seven billion pounds, or ten billion or so U.S. dollars’ worth of tax revenues. We predicted they would be lucky to get close to a tenth of that. So far, with the lion’s share of revenues already in, they’ve raised roughly what we predicted.

Related Posts

Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL ( or CC BY 3.0 (], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]


New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]


Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top