This is just too gorgeous, too, too, lovely.
The Treasury\’s attempt to tax wealthy individuals who hide their assets in Switzerland was declared an embarrassing failure by experts on Friday after the Swiss authorities said it would generate only a small fraction of the expected £3.2bn haul.
The Tax Justice Network campaign group said \”giant loopholes\” in the deal struck by the Treasury minister David Gauke and former HMRC chief David Hartnett had undermined the UK\’s attempt to trawl the Swiss banking system for untaxed funds.
According to the Swiss Bankers Association (SBA), the deal does not apply to most UK nationals who keep their cash in Swiss banks because they are not domiciled in the UK.
That is, there\’s not a lot of previously dodged tax to collect because not that many people have been dodging tax.
And recall, it\’s the TJN (and Ritchie) who have been screaming from the rooftops about how much tax is being dodged. There just isn\’t as much of it as they claim.