Reply to: Swiss bank accounts reporting

[Brussels Slumdog]

Not that simple

Dubai?

Opening an account in Dubai is not that simple for us unless you have a contract in Dubai. I guess that there are ways around if you are rich and famous

[Mich the Tester]

Dubai?

[Ticktock]

Luxembourg accounts are... for now.

From April 2015 EU citizens data will be shared, and they've just agreed to do the same with the US for US citizens.

So no, this doesn't show a major difference, other than in timescales.

[BlasterBates]

...and goes to show that when you´re not in the EU you can have less control than if you´re outside. Switzerland has been beaten up by everyone especially the US.

Swiss bank accounts are no longer secret, but Luxembourg accounts are. Switzerland became a kicking stool, and it´s wealth management industry is doomed to go down the plug hole.

[mos]

I agree, but that's the way it is. Dunno about other jurisdictions, but none are likely to have the previous reliability of Switzerland or Liechtenstein. Yes, the game is up in Europe; for a few years, governments get a bit of extra money from Swiss account holders, which they then piss down the drain, and the inevitable bankruptcy is postponed by a few weeks at best. Maybe one or two Arab states are prepared to jump into the gap in the market, but they don't seem to need the money they can earn by doing that.

Yep, I see that as yet another in a long chain of stabs against Europe as a financial centre.

[Mich the Tester]

Not a very good example they are making, we wan't you to abide by the law and pay all your taxes then they use stolen data to target people. Anyway, looks like the game is up, but there must be other countries out there that you can stash money away?

I agree, but that's the way it is. Dunno about other jurisdictions, but none are likely to have the previous reliability of Switzerland or Liechtenstein. Yes, the game is up in Europe; for a few years, governments get a bit of extra money from Swiss account holders, which they then piss down the drain, and the inevitable bankruptcy is postponed by a few weeks at best. Maybe one or two Arab states are prepared to jump into the gap in the market, but they don't seem to need the money they can earn by doing that.

[proggy]

A lot. The Swiss have to and over details of 500 account holders every year as requested by HM Thieving Bastards Department. How to the British authorities know which account details to name in their request? Well, among other sources, from data extracts from other governments.

Not a very good example they are making, we wan't you to abide by the law and pay all your taxes then they use stolen data to target people. Anyway, looks like the game is up, but there must be other countries out there that you can stash money away?

[BolshieBastard]

Yeah, but whats that got do do with stolen evidence? That is a legal agreement between the governments.

Er, they dont need stolen evidence, perhaps?

[Mich the Tester]

The point is that since January 2013, the Swiss authorities automatically deduct at the highest tax rates so there´s no point, and if the UK the authorities did get an illegal CD then they can legally request details of the bank account from the Swiss bank and get them.

I suppose you could stick some valuables in a Swiss bank vault and hope they rise in value.

[BlasterBates]

The point is that since January 2013, the Swiss authorities automatically deduct at the highest tax rates and transfer the money to HMRC so there´s no point, and if the UK the authorities did get an illegal CD then they can legally request details of the bank account from the Swiss bank and get them, as well, in case there was even more they can tax or penalise.

[Mich the Tester]

Yeah, but whats that got do do with stolen evidence? That is a legal agreement between the governments.

A lot. The Swiss have to and over details of 500 account holders every year as requested by HM Thieving Bastards Department. How to the British authorities know which account details to name in their request? Well, among other sources, from data extracts from other governments.

[Mich the Tester]

Given this CD was stolen in 2088 and no-one from the UK has been prosecuted using the evidence I doubt it will happen in the UK.
Plenty people have taken HMRC to court and won, what are you going on about?

Not yet, maybe. You might beat HMRC in court if it's about a puny amount of money as they'll just give up.

[proggy]

Maybe you arent aware of this?

Agreement between UK and Swiss tax authorities came into effect January 2013.

Yeah, but whats that got do do with stolen evidence? That is a legal agreement between the governments.

[proggy]

Yep, and of course one effect of the German ruling is that it effectively legalises the data for the rest of the EU. Stolen CD goes into German tax database, other countries like Britain then request a data set from Germany's tax records and the whole sordid story is complete. When it comes to tax and an indebted government, you have no rights.

Unless of course some exceedingly wealthy individual takes the government to court over this and wins, but I can't imagine any mere mortal being able to fund the legal cases unless he has more income than the British or German government.

Given this CD was stolen in 2088 and no-one from the UK has been prosecuted using the evidence I doubt it will happen in the UK.
Plenty people have taken HMRC to court and won, what are you going on about?

[BolshieBastard]

You are aware that different countries have different laws aren't you?

Maybe you arent aware of this?

Agreement between UK and Swiss tax authorities came into effect January 2013.