The UK/Swiss Tax Cooperation Agreement and HM Revenue & Customs

The UK/Swiss tax cooperation agreement was signed in 2011 and came into force on 1 January 2013.

The agreement provided for those UK residents with a Swiss bank account(s) to be subject to a one-off payment on 31 May 2013 to clear past unpaid tax liabilities in the UK and/or an ongoing withholding tax on income and gains from 1 January 2013. If Swiss bank account holders did not agree to these withholdings, the Swiss banks would provide details of their Swiss assets to HMRC.

Since the 31 May deadline, Swiss Banks have now provided details of Swiss assets to HMRC where there has been no withholding and the UK tax authorities are now writing to individuals about these accounts.

If you have any questions regarding a Swiss account, please contact Sarah Robert, +44 (0)118 9590261 or email.