UK/Switzerland tax co-operation agreement
This note provides an overview of the UK/Switzerland tax co-operation agreement to tackle tax evasion by UK taxpayers holding funds in Swiss bank accounts. The agreement came into force on 1 January 2013. The note discusses the anonymous one-off payment to settle past tax liabilities, the withholding tax on income and capital gains going forward and the one-off withholding tax on death. It also looks at the requirements for disclosure as an alternative to these deductions, further protection in the agreement for HMRC (such as information requests) and options for UK residents with Swiss bank accounts.
We would welcome subscribers' views on the practical implications of the agreement (see Your views).