The new legislation will bring Switzerland into line with international tax rules by cutting out preferential rates offered to multinationals, while lowering baseline rates in an effort to prevent them fleeing to more attractive destinations.
Deutsche Bank said the investigation was directed against private individuals, not against the company, that it is cooperating with prosecutors and wasn't a target of the current raids.
EU based businesses, which would prefer to operate in a constant and certain environment, are left having to guess how they will be able to transact with the UK once Brexit takes place.
According to the new decree, specific state supervision must apply to (the capital invested in) the fund, which could be the case if the supervision takes place via the fund manager’s licensing requirement.
Despite these letters being sent and received, there is actually no statutory requirement to sign the certificates, or even to reply to HMRC at all.
Of these, 575 are owned by companies based in so-called secrecy jurisdictions, or tax havens – countries whose laws allow them to keep their financial activities private or to pay a low amount of tax.
On at least one occasion, a Zurich policyholder who was convicted of a federal fraud offense used his policy to “hide substantial assets, despite owing approximately $900,000 in restitution to his victims,” according to the statement.
Mr Hammond said it was not cost effective to act on this anomaly, repeating the view previously expressed by John Glen, economic secretary to the Treasury, in front of the Work and Pensions committee.
If you’re a parent or grandparent putting savings into a Junior ISA, you’ll also want to adjust the family’s contributions to ensure you’re making the most of the new limit, which has risen from £4,260 to £4,368.