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Update on UK-Swiss Tax Treaty: Key Developments and Future Implications

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11 diapositives · 268 Views · Dec 30, 2012

Significant events regarding the UK-Swiss Tax Treaty, including the agreement signed on October 6, 2011, and the protocol signed on March 20, 2012, with an expected entry into force on January 1, 2013. Key points include provisions for UK individuals with untaxed funds in Switzerland, one-off tax payments, future withholding taxes, and enhanced information exchange protocols. The document analyzes the implications for UK residents and their financial obligations under the treaty's terms.

#ukswiss tax treaty #tax obligations #withholding tax #information exchange #financial disclosure #treaty updates #capital gains #tax residency
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Update on UK-Swiss Tax Treaty: Key Developments and Future Implications
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  1. UK – Swiss Tax TreatyAn update 10th May 2012 Jim Ferguson

  2. Key events • Agreement initialled 24 August 2011 • Agreement signed 6 October 2011 • Protocol signed 20 March 2012 • Joint memorandum 18 April 2012 • Expected entry into force 1 January 2013

  3. General Proposition • UK individuals with untaxed money in Switzerland can • Make a disclosure; • Suffer a one off payment for the past and/or withholding taxes for the future, or; • Take their money out of Switzerland

  4. The Past: one off payment • Taxes covered: IT, CGT, IHT and VAT • Period of calculation: 1/1/2003 -31/12/12 • Requires account to be open at 31/12/10 and 31/5/2013

  5. The Past: original computation of one off payment • Formula • Not mimic UK tax system • Accounts for: • Capital and income/gains • Length account held • Rate of balance increase • Overall rate 34% • Charged by reference to bankable assets held at 31/12/10

  6. The Past: computation of one off payment as amended by Protocol and joint memorandum • Minimum rate increased from 19% to 21% • Maximum rate increased from 34% in certain circumstances • Rate chargeable 34%, and • Relevant capital £1m or more, then • Rate chargeable increases by 1% of each additional £1m up to a maximum of 41%

  7. The Future – original structure • Withholding tax: • Covers IT and CGT • Charged on income arising and gains realised on account (not funds deposited)

  8. The Future – original structure • Withholding tax: • Rates: • UK Interest/other income 48% • Dividends 40% • Capital Gains 27% • Discount from UK marginal rate is for early payment • Rates will move in line with UK changes • Final tax - no further tax, interest or penalties • Funds to UK by 31st March following calendar year end

  9. The future – as amended by the Protocol • UK interest – distinguish between that covered by EU Savings Agreement and that not. • If covered by EU Savings Agreement • 35% EUSA WHT applies as normal • An additional 13% tax finality payment will be payable • Inheritance tax – if an authorised person does not agree with 12 months of the death of a relevant person that details of the account can be disclosed, the Swiss paying agent shall withhold 40% of the account to pay to the UK.

  10. Enhanced Exchange of Information • In addition to normal OECD standard exchanges • Suitable cases: • UK has plausible grounds (risk has been identified) • No requirement to demonstrate there is a bank account held in CH. • No fishing • Information provided: • Number of accounts held by UK person where new funds introduced since 31/12/10 • Up to previous 10 yrs (as requested) • Number of requests: • Limit initially up to 500 per year • Automatic review process from 2016- 15% increase/decrease depending on usefulness in previous year

  11. Questions?