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;
- Agree to the Swiss bank disclosing their bank details to HM Revenue and Customs; or
- 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 31st 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