Private Eye of October 14 (p. 29) sets it out very well, after the Treasury published the details of the deal:
The idea is that in return for 20-25% of undeclared British accounts that can be identified, the Swiss will keep their secrecy.
But …
This doesn’t apply to “assets of associations of persons, asset structures, trusts or foundations, if it is not possible to ascertain the beneficial ownership of such assets”. As Private Eye puts it, “this is precisely what the Swiss specialise in”.
Also, there’s an 18-month window before this comes in – May 2013, so even the dim accountholder who used their own name has plenty of time to move the money. The Swiss do have to specify the number of accounts shifted and the top ten tax haven destinations – but not how much money has been moved, or by whom!
Also, the UK has agreed not to make public the data collected… so we won’t know, and it is FOI-proof!
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Yes,interesting,but not surprising.Some may wonder why they bother.Are some of us lowly mug-taxpayers/voters still fooled by these charades,or are these apparently dud measures part of the next big scam gradually being put in place?In principle,this measure at once legalises certain sources and kinds of ownership of moneys and other assets which have been put out of reach of the Exchequer.The context and content of this measure suggest that it concerns income on which no or too little tax has been paid.Given time,we may see the result of a series of similar measures tying in with this one.In Australia there are plans mooted to absolve most business corporations from the obligation of paying income tax at all-Just testing the (socio-political) waters,perhaps.There are other reasons for phony legislative measures and international agreements,however.They,the government,bureaucracy and its hangers-on,gravytrain merchants/occupants and servile parliamentarians,have to be seen to be busy,no matter what.The commoners have to be mesmerized.The political/corporate cliques who share control have to convince themselves of the utter necessity of them,and no other cliques,exercising exclusive power and,however obviously phoney,seek to justify to all and sundry their corrupt scheme of things.If the aforementioned opinion is deemed cynical,or even sarcastic,I am quite happy to await the day when even the dimmest political wit can see it.Cheers.