Hit by the Swiss tax deal? How to keep your millions

What will rich Brits do with their cash now that Switzerland has closed the loophole that kept their millions unmolested by the taxman? Under the terms of a new deal, UK residents with Swiss accounts will have to pay a "one-off" deduction to settle past tax liabilities. So is there an alternative for tax-shy Brits with Swiss bank accounts? Here are four ideas:
 
Put your money where your mouth is. The Times suggests converting the money into gold and storing it in the form of solid gold dentures. "At current bullion prices, you could hide £5 million in your mouth, no problem. The cons? You’ll look like a Bond villain; your lower jaw gets so heavy that it hangs down, giving you the gawping air of a halfwit; flossing is awkward."
 
Move overseas. As the Daily Telegraph points out, UK residents who are non-domiciled are specifically excluded from the agreement to capture those using the Swiss banking system to avoid tax payments. The agreement, announced by the Treasury on Wednesday: "only applies to natural persons resident in the UK... In principle, the agreement is not applicable to so-called 'non-UK domiciled individuals'."
 
Cough up. If Brits leave their money in the Swiss accounts and pay the tax, they'll actually be getting a good deal according to Richard Murphy, director of Tax Research UK. He told the Guardian: "The one-off tax of 34 per cent is much lower than they would have paid in the UK and in fines for avoiding it. This government is deliberately letting these people off."
 
But it is an unhappy compromise, said David Prosser in the Independent. Tax-evading Swiss bank account holders may now have to pay some tax on their capital, but their identities will remain anonymous and they will avoid the sort of penalties the average British citizen would be liable for if they avoided paying their tax. Prosser says those of us without Swiss bank accounts should be pleased with the new rule, just as as we would be "if someone had robbed a British bank, fled to Switzerland and then got away scot-free..." ·