No no. If you have a bank account or a Swiss company, regardless of the amount of funds held, you are affected by the agreement. Yes, yes. The agreement enters into force on January 1, 2013. If account holders decide to withdraw their money from Switzerland, they take a risky approach. The financial world can be expected to sign similar agreements with other jurisdictions in the months and years to come. The British government has signed a pioneering agreement with the Swiss government on the taxation of unreported Swiss bank accounts. This guide answers a few questions about the agreement. HMRC confirmed, in its frequently asked questions about the agreement, that it will be possible to pay the single debit on one account, but to disclose another account, provided the two accounts are separated. It is confirmed that sub-accounts are processed automatically in the same way as the main account. 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.
Whether you live in the UK tax depends on a number of factors, not just where you can have a home. If in doubt, we can provide you with specialized advice. However, the SBA issued a statement confirming that the agreement concerns “British taxpayers.” For this purpose, you should use “British” as “UK.” If your bank writes to you and you don`t think you should be included (for example. B you do not consider yourself to be resident in the UK), you should not ignore the letter (otherwise your account will be subject to the single tax). The Swiss authorities will conduct audits of Swiss banks to ensure that they meet their obligations under the agreement. Your information will only be disclosed if you are subject to the single levy and pay the withholding tax on future income and profits. 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.