U.K. Announces First Payment Under Swiss Tax Agreement

The U.K. government has announced that it has received a CHF 500 million (about $ 543 million) payment from Switzerland, the first such payment agreed to under the agreement reached in October 2011.
 
Chancellor of the Exchequer George Osborne announced the January 28 payment during a House of Commons question time for the Treasury Ministry held January 29.
 
"I can confirm to the House that last night Her Majesty's Revenue and Customs received £340 million from the Swiss Government, a first installment of the deal we have struck, and the first time in our history that money due in taxes has flowed from Switzerland to the U.K., instead of the other way round," George Osborne said.

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