Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what proportion of UK client funds held by Swiss banks at the end of 2019 were declared to HMRC by UK tax residents.

The information requested is not available. UK tax residents are not required to declare the amount of their funds held overseas. HMRC receive year end information on the value of UK residents’ assets held in Swiss financial institutions via the Common Reporting Standard. However, information for the year ending 31 December 2019 has not yet been exchanged. Taxpayers are required to declare the taxable income and gains received from assets held overseas for each tax year ending on 5 April. This cannot be accurately used to estimate the proportion of assets held overseas to which the declared income and gains relates.