Holders of undeclared Swiss bank accounts face tax bill - A new UK/Swiss tax agreement

On the 24 August 2011 the UK and Swiss governments reached an agreement to tax undeclared Swiss bank accounts. The agreement is expected to raise significant revenue for the UK Government but still protect Swiss banking secrecy by allowing the UK account holders to retain anonymity. If you are a resident in the UK, have a UK address, or hold a UK passport and have bankable assets in Switzerland you may be affected.

Under the agreement Swiss bankable assets will be subject to a one-off levy ranging between 21% and 41% of the bankable assets at 31 December 2010. The precise amount of the levy per individual will depend upon how long the relevant assets have been held as well as their value. The agreement also introduces withholding taxes for the future. If you or your clients hold Swiss bankable assets it’s important to understand exactly what the agreement means in order to be able to make an informed decision as to what actions to take. 

UK Swiss tax agreement - Action required by UK resident Swiss bank account holders (PDF)

'Webcast - UK holders of undeclared Swiss bank accounts have a decision to make'.

Answers to Frequently Asked Questions (FAQs) on the UK/Swiss tax agreement