UK Tax Authority Published Swiss/UK Tax Agreement Factsheet

UK Tax Authority Published Swiss/UK Tax Agreement Factsheet

The UK tax authority, Her Majesty Revenue & Customs, issued a factsheet on the new Swiss/UK tax cooperation agreement, prepared to inform UK taxpayers and their advisers of what to expect when the agreement comes into effect (January 01, 2013).

Due to that agreement, the UK will tax the undeclared bank accounts held by UK taxpayers without request of account holders’ identity from the Swiss financial institutions. UK account holders will be expected to either make a one-off payment by May 31, 2013 covering all unpaid tax liabilities, or to pay a withholding tax on any future income and gains derived from January 01, 2013. Such account holders also can make a full and open disclosure to the UK tax authority, or use the Liechtenstein disclosure facility to settle outstanding amounts of tax.

The factsheet issued clarifies the opportunities for the taxpayers provided by the agreement. The full text of the factsheet is available here.

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