The UK has signed a tax treaty with Switzerland to curb tax evasion in a deal which could raise up to £5bn for the UK Exchequer. The main surprise in the landmark tax deal between the UK and Switzerland is the high rate of withholding tax at 48%, says Grant Thornton. 'Most people were expecting a figure of around 35%,' said John Brassey, a tax investigations specialist at the mid-tier firm. Whether UK investors would move farther afield 'depends on how they feel', he said. They may move to somewhere like Singapore, or use the Liechtenstein Disclosure Facility, but it depends on the individual,' he said. Chancellor George Osborne signed the agreement in Zurich on 24 August after 11 months of negotiation.
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