I defend individuals, businesses and companies who are under any sort of tax investigation or tax
enquiry by H M Revenue and Customs (HMRC) or have any sort of tax dispute with HMRC.
26/03/2012
Update on UK/Swiss Tax
Agreement - Inheritance Tax
15/12/2011
Swiss UK/Tax Agreement
19/09/2011
Wot! No News?
19/09/2011
Offshore Tax Evasion Penalties
Doubled
Latest News
15/12/2011
Swiss UK/Tax Agreement
A new tax agreement between the governments of UK and Switzerland (taxing Swiss bank accounts) was signed in
October 2011 and is expected to come into force in January 2013. It gives UK taxpayers an opportunity to bring their
tax affairs up to date if they have accounts in Switzerland for which they have not declared income and gains to the
UK tax authorities.
Taxpayers can clear any arrears and keep their anonymity by making a one-off payment to be deducted by the Swiss
bank from the balance that is in the account in 2013 (when the agreement comes into force) and which the bank will
pass over to UK HMRC. The amount to be deducted will be between 19% and 34% of the balance which was in the
account at 31 December 2010.
Alternatively, the taxpayer can disclose details of the account to the UK HMRC, in which case the tax liability is
calculated in the usual way and the taxpayer must pay the arrears plus interest and penalties.
Once the agreement is in force and the initial payment made, taxpayers can either make an annual disclosure or pay
an annual withholding tax.
For a large number of UK taxpayers the LDF is still likely to be the most appropriate (and cheaper) route. The key
immediate benefits of the LDF is a guaranteed immunity from prosecution, and being able to resolve worldwide
undisclosed assets and achieving certainty for the future.
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