ARTICLE · 17 OCTOBER 2011

Weekly Tax Update - Monday 10 October 2011

Smith & Williamson

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The Swiss Federal Councillor Eveline Widmer-Schlumpf and the UK Exchequer Secretary to the Treasury David Gauke have signed a tax agreement under which persons resident in the UK can etrospectively tax their existing banking relationships in Switzerland either by making a one-off tax ayment or by disclosing their accounts.

United KingdomTax

Richard Mannion

1. Private Clients

1.1. Switzerland and the UK sign tax agreement

The Swiss Federal Councillor Eveline Widmer-Schlumpf and the UK Exchequer Secretary to the Treasury David Gauke have signed a tax agreement under which persons resident in the UK can retrospectively tax their existing banking relationships in Switzerland either by making a one-off tax payment or by disclosing their accounts. Future investment income and capital gains of British bank clients in Switzerland will be subject to a final withholding tax, and the proceeds of this will be transferred to the British authorities by Switzerland. In addition, mutual market access for financial services will be improved. The agreement requires the approval of parliament in both countries, and should enter into force at the start of 2013.

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