As a result of the recent agreement signed between the UK and Swiss Governments, UK nationals with Swiss bank accounts could be liable to significant tax charges in order to maintain banking secrecy.
In April 2013 Swiss bank accounts of UK residents will be subject to a one off charge of between 19%-34%, with a withholding tax levied on income arising thereafter.
The alternative is to prove that an appropriate disclosure of related income and gains has been made to HMRC.
If a disclosure has not been made at present then an individual could consider the Liechtenstein Disclosure Facility (LDF). If assets reside or are moved to Liechtenstein then disclosing under the LDF could well be a very viable alternative to suffering the treaty levy.
Eaves & Co can help establish the best course of action to take regarding Swiss assets and give piece of mind regarding tax liabilities. Early action is imperative in order to ensure all options are considered and remain available.
For more information on the UK Swiss Tax Treaty click here or get in touch with one of the partners for an initial no names discussion.
We at Eaves and Co. pride ourselves on the diversity of our experience and specialist services whether to small, medium or large business or services to other professional firms; below are details of a few of our recent projects:-
Private Client
Inheritance Tax Planning, Advice on Un-Approved Pension Trust, Voluntary Disclosures to HMRC, Liechtenstein Disclosure Facility, Extra Statutory Concession A19, CGT and Second Homes, Entrepreneurs Relief.
Business
R & D Tax Credits, Key Employee Share Option Schemes, Defending taxpayers re MTIC VAT, CIS Scheme Penalties and HMRC challenges, Double Tax Treaties, Non-UK Head Quarter Companies.
The client was required to reduce his shareholding in a company as part of the arrangement for a separate sale...
