UPDATE: UK Swiss Tax Agreement
On 2nd October 2012, the Swiss Government announced that the implementation of the UK Swiss Tax Agreement with HM Revenue & Customs will not be put to a referendum vote in Switzerland. The result of this decision is that the contents of the UK Swiss Tax Agreement will become law in Switzerland with effect from 1st January 2013.
This announcement is vital to both advisers and UK clients alike and consideration should now be given as to how affected UK clients can move forward. The news is not all bad as although the UK Swiss Tax Agreement only relates to undisclosed Swiss assets, it does offer an opportunity for clients to bring the Swiss asset and all other offshore assets, previously undisclosed to HM Revenue & Customs, into compliance. That said, there are still a number of issues which require careful consideration in determining the most appropriate steps forward.
- Our advice is that affected clients and advisers must take action without further delay as the fast approaching 1st January 2013 UK Swiss Tax Agreement implementation deadline means that the process to compliance including consideration of potential options should be undertaken between now and 31st December 2012. To find out more about the consequences of the UK Swiss Tax Agreement and potential options like the use of the Liechtenstein Disclosure Facility (LDF) please download our explanatory brochure.
If you have any questions then please do feel free to contact either Jason Gyamerah (Zurich) or Sara Shahran (London).