UK-Swiss Tax Treaty Announced
The UK and Swiss governments have now signed the long awaited UK-Swiss Confederation Taxation Cooperation Agreement. The new treaty still has to be ratified before coming into effect, but is expected to be fully effective from 1 January 2013.
The treaty will generally apply to UK taxpayers who held a Swiss account as of 31 December 2010 and where the account remains open as of 31 May 2013.
Non-UK domiciliaries will have to prove, by way of a certification by a lawyer or tax agent that they have claimed the remittance basis of taxation for the year in question, and give notice to opt-out of the agreement. Under the terms of the agreement, UK taxpayers may either:
1) Retain anonymity and suffer an initial one off deduction of between 19-34%, or
2) Make a voluntary disclosure to HMRC regarding their Swiss assets and income.
HSBC Swiss tax avoidance revealed by FinancialTimes
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