The UK and Switzerland have agreed a landmark tax deal that opens a multibillion-dollar stream of new revenue for big European states while preserving Swiss banking secrecy.
The compromise deal reached at a meeting in London on Monday will in effect impose a stricter withholding tax on an estimated £100bn-£125bn ($157bn-$197bn) stashed by UK investors in Swiss banks.
While the final details are still under negotiation, the broad principles of raising revenue while protecting the identity of account holders is expected to be replicated in a deal between Bern and Berlin this week.
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