The UK and Swiss Cooperation Agreement

This Agreement has been in force since 1 January 2013 and covers UK residents (including non-UK residents who are UK nationals and use UK correspondence addresses) whom hold an account with a Swiss bank.

Account holders have two options under the Agreement;

1. Agree to the Swiss bank disclosing their bank details to HM Revenue and Customs; or
2. Pay a one-off tax charge for any monies that have been held by the said banks at a rate between 21% and 41% of the value of the fund. This tax will cover all the tax liabilities on any Swiss funds.

There are other options available for non-domiciled UK residents.

The deadline for this is 31^st May 2013.

If you hold an account with any Swiss bank you can contact us to discuss your individual circumstances and needs further.

Tulin Kiranoglu, Solicitor, Tax Advisor

tkiranoglu@astonbond.co.uk