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Andrew Godfrey looks at the implications of the imminent UK-Swiss tax agreement

18 October 2012

The UK-Swiss Tax Agreement on Co-operation in Tax Matters (‘the UK-Swiss agreement’) was signed on 6 October 2011, and is expected to come into force on 1 January 2013 (subject to the national legislation being in place in both countries before then).


It will have important implications for those who are within the UK tax net and have, directly or indirectly, a beneficial interest in financial assets or bank accounts in Switzerland. Unless appropriate advice and action is taken, those affected could be in for a nasty shock.

Nothing to declare

In recent times, UK taxpayers with offshore assets that have not been properly declared in their tax returns have been able to take advantage of offshore disclosure facilities made available by HM Revenue & Customs (the Revenue). The origin of the foreign assets may be earnin...

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