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ARTICLE · 08 OCTOBER 2013

Rubik - HMRC Are On The Case

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UK residents with Swiss accounts whose details have been provided to HMRC under the UK/Swiss tax agreement are now starting to receive follow-up letters from HMRC.

United KingdomTax
Lindsay Brown
Lindsay Brown
Justine Markovitz
Justine Markovitz
Judith Ingham
Judith Ingham
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UK residents with Swiss accounts whose details have been provided to HMRC under the UK/Swiss tax agreement are now starting to receive follow-up letters from HMRC. Anyone who receives such a letter will need to act quickly, as recipients are being required to respond by 1 November 2013 or risk a formal investigation.

Under the 'Rubik' UK/Swiss tax agreement (the 'Agreement'), UK residents with Swiss bank accounts and investment portfolios were given a choice earlier this year between suffering a one-off deduction from their Swiss assets to cover assumed past tax liabilities or authorising their Swiss bank to disclose their account details to H. M. Revenue & Customs ('HMRC'). Non-UK domiciled account holders were in principle allowed to opt out of this part of the Agreement.

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