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The UK:Swiss agreement on taxing the Swiss accounts (and some other Swiss assets) of UK residents is a major step forward in tax enforcement for the UK authorities. Once implemented, the new rules will sit alongside the Liechtenstein Disclosure Facility (LDF) and give holders of Swiss bank accounts much to consider.
Using the LDF remains an effective way regularise your UK tax affairs at low cost no matter where assets have been held offshore. In many cases, individuals, companies and trustees can come forward and disclose previously undeclared income and pay back taxes without suffering large tax penalties. Where a presence in Liechtenstein can be established now, the LDF can be used to disclose all past offshore tax irregularities in a far more beneficial way than was possible under its predecessor amnesties and, in many cases, at a lower cost that will be levied under the Swiss agreement.
We can help you assess the relative costs of resolving issues with offshore accounts and guide you through any tax investigation or disclosure process for offshore income. Where needed, we will negotiate directly with HMRC to ensure that the tax, interest charges and any tax penalty are minimised.
Contact us now for a FREE initial consultation.
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