Recommend this article

Switzerland has agreed to increase the charge it levies on British taxpayers' Swiss bank accounts after London demanded the same treatment as Germany.

The Swiss government says it has increased the minimum rate for "regularizing" undeclared bank accounts from 19 percent to 21 percent.

The maximum rate will increase from 34 percent to 41 percent.

The Swiss Finance Ministry said in a statement Friday that Britain obtained the better rates after invoking a "most favored nation" clause contained in a tax treaty the two countries signed last month.

The clause is meant to ensure Britain gets the same deal as other nations.

Switzerland offered Germany the higher rate in an attempt to win over the country's opposition Social Democrats.

Recommend this article