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Banking: Switzerland

House of Lords written question – answered on 2nd November 2011.

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Photo of Lord Willoughby de Broke Lord Willoughby de Broke UKIP

To ask Her Majesty's Government whether they intend to legislate to prohibit British subjects from holding bank accounts in Switzerland.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Government do not intend to legislate to prohibit British subjects from holding bank accounts in Switzerland.

The UK and Switzerland signed an agreement on 6 October 2011, which will ensure the effective taxation of bank accounts held by UK residents in Switzerland.

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