Swiss close to banking deal

Switzerland and Germany are on the verge of resolving their long-running dispute over untaxed money stashed in secret Swiss bank accounts.

Swiss authorities have been in talks with counterparts in both Germany and Britain over tax deals for months. Outline deals were agreed last year, but one of the main sticking points has been how to tax existing assets, some of which have been stashed away for decades.

Germany is thought to be on the verge of signing a deal in which Swiss banks are likely to have to pay a one-off charge to the German tax authorities to reflect past tax that their German clients have evaded.