The Swiss government will provide HMRC a list of top-ten nations where Swiss bank account holding UK citizens have siphoned money.
This is a part of the agreement reached between UK and Switzerland to tighten noose on tax evaders.
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The agreement will also list how many UK nationals have moved money between Swiss bank account and the other listed countries.
Pinsent Masons head of tax Jason Collins said, "This is another tightening of the noose on tax evaders. HMRC is aware that money that could have been regularised under the UK/Swiss treaty has been flooding out of Switzerland instead – and they are determined to track that money down.”
Collins added that the UK-Swiss treaty has been helpful in augmenting the flow of information on possible tax evaders.
George Osborne’s Swiss tax agreement came into effect on 1 January 2013, and was expected to recover £5bn over the next six years. Only £3.2bn was recovered in 2013, reports economia.
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