18 October 2011
The new UK-Swiss Tax Agreement signed on 6 October has significant implications for those with assets deposited or managed in Switzerland via Swiss “paying agents” (broadly Swiss banks and investment managers). There will be consequences for you if you are UK resident, have identified a UK address as your main residence or are a UK passport holder.
The Agreement is intended to regularise the position regarding past tax liabilities and to ensure that the assets concerned are properly taxed going forward. The text is comprehensive and covers a wide variety of situations. If you have assets held through Swiss banks or other financial institutions, it is essential that you consider now how you may be affected.
Under the terms of the Agreement there are a number of choices to be made, particularly for those who consider that they are not domiciled in the UK. It is important that you do not miss out on any opportunities that may be available to you. For information about the available options, please visit our tax investigations, enquiries and disclosures page.
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