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HMRC have published a factsheet that explains how the co-operation agreement between the UK and Switzerland will affect British taxpayers with assets in the alpine country's banks.
Under the anti-evasion accord, which will come into force on 1 January 2013, targeted individuals will be expected to either make a one-off payment on 31 May 2013 to clear past unpaid tax liabilities, or pay a withholding tax on income and gains for the future from 1 January.
Alternatively, they can authorise their bank to provide the Revenue with details of their Swiss assets.
A one-off payment will clear tax liabilities relating only to assets included in the figure of capital used in the payment calculation. In most cases, this will be the account balance either at 31 December 2010 or 31 December 2012.
Taxpayers also have the option of making a disclosure to HMRC, although a tax-geared penalty may then be due. They may prefer to use the Liechtenstein disclosure facility, subject to the relevant entry conditions being satisfied.
The taxman’s contact point for the UK-Swiss deal is Offshore Co-ordination Unit, 3rd Floor, City Centre House, Birmingham B2 4AG.
