Uk Switzerland Tax Cooperation Agreement

The initial tax agreement between the United Kingdom and Switzerland was signed on 6 October 2011 by Finance Minister David Gauke and Swiss Finance Minister Eveline Widmer-Schlumpf. On 14 November 2016, HM Revenue and Customs Permanent Secretary and Executive Chairman Edward Troup and the Swiss Ambassador to the United Kingdom, Dominik Furgler, signed an agreement ending the tax cooperation agreement between Great Britain and Switzerland. For more information, see the agreements on the automatic exchange of information in the UK. The United Kingdom has concluded a series of bilateral tax cooperation agreements through the exchange of information. Details of the Swiss contract transfer can be found in the 2013 Finance Act. The UK has mutual agreements with a number of countries on the EU Directive on the taxation of savings income in the form of interest. The United Kingdom has also concluded a number of non-reciprocal agreements on the European Savings Tax Directive. The withholding agreement between Switzerland and the United Kingdom was denounced on 1 January 2017, with the agreement between Switzerland and the EU on the automatic exchange of tax information having entered into force on that date. For more information on this topic, please click on the links below. Double taxation refers to the fact that two countries tax taxes on the same item. This can happen when companies or individuals reside in different countries or when they receive income from another country. The agreements reduce double taxation and thus help to overcome obstacles to cross-border economic transactions. In addition, they govern mutual tax assistance.

See the main part of the cooperation agreement between the UNITED Kingdom and Switzerland: tax cooperation agreement for the comprehensive whistleblowing agreement. The initial agreement is also available. This protocol highlighted the relationship between the agreement and the EU austerity agreement (EEA) with Switzerland – if a person concerned has been subject to withholding tax under the EEA, an additional 13% “final tax payment” must be paid to obtain tax assistance in accordance with the terms of the agreement. This had the same effect as the 48% withholding tax, levied in accordance with the original provisions of the agreement. The United Kingdom and Switzerland have signed the Common Reporting Standard of the Organisation for Economic Co-operation and Development: a comprehensive agreement on the annual and automatic transfer of financial account data. Switzerland will collect data that it can send to HMRC via British taxpayers. HMRC will use this information to attack those who try to escape what they owe by hiding their money off the coast. Article XVIII of the Protocol gave the United Kingdom the right to make a beneficial change to the functioning of the formula that calculates the single payment agreed between Switzerland and Germany for the past enshrined in the United Kingdom Agreement. The agreement between the United Kingdom and Switzerland came into force on 1 January 2013. It is not a possibility of disclosure per se. In February 2015, HMRC established a standard disclosure package for Swiss offshore revelations.

This publication is available for HMRC has reached an agreement with the Swiss tax authorities. The agreement allows for close cooperation between the UK and Switzerland, and there is an important exchange of information between the two countries. The agreement provides for a historic tax on Swiss funds held by residents in the UK, up to 34% of the balance in an account as of 31 December 2010 or 31 December 2012. UK residents with Swiss accounts may also be subject to a WHT of up to 48% on their accounts.