• Covers undeclared assets of British citizens
  • A retroactive tax on British accounts in Swiss banks will be between 19 and 34%
  • Withholding tax on future income and gains of between 27 and 48%
  • Swiss banks to pay 500 mln upfront

At a 48% tax rate on future gains, it stands to reason that some of that cash may flow back into the UK financial system and out of Switzerland. So bullish GBP/CHF, at the margin.