Deloitte comments on HM Revenue and Customs (HMRC) writing to Swiss investors

19-12-2012 — /europawire.eu/ — Tom Rowbotham, Deloitte tax partner said: “The ground-breaking agreement between the UK and the Swiss Confederation, which is about to come into force, has a clear timetable which Swiss banks need to comply with. Banks in Switzerland are notifying their UK clients now to clarify their instructions.

“Bank account holders whose tax affairs are not up to date have to make a choice which will cover both historic and future liabilities. They can authorise the bank to withhold tax which will maintain confidentiality or authorise the bank to exchange details of the accounts with the UK authorities. It is important that people consider this carefully and take advice if appropriate in order to ensure that they fully comply with their responsibilities.

“This can be a complex decision taking into account rates of tax, residence and domicile issues and ensuring any disclosure makes use of beneficial arrangements such as the Lichtenstein Disclosure Facility.”

Ends

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