Change to UK Swiss Tax Agreement
Just a quick update on changes to the UK Swiss Tax Agreement. The UK has exercised its option to increase the rate of withholding tax to be applied in the agreement with Switzerland (which is scheduled to come into effect from 1 January 2013). The rates will increase to between 21% and 41%, previously 19% to 34%.
The increased rates increase the uncertainty over what the liability under the agreement may be. It is indicative of HMRC’s approach following on the heels of the Budget announcement that an effective flat rate inheritance tax charge of 40% will apply to any undeclared Swiss assets after 1 January 2013.
Date: 7th June, 2012
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Some myths and some tips on keeping your tax affairs in good order - Tax on Cryptocurrency UK… twitter.com/i/web/status/9…
Tax & Trusts Senior - current vacancy. A new opportunity has arisen for a to support our busy Tax and Trusts Manage… twitter.com/i/web/status/9…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole