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News - 14 February 2013

HMRC gets 342m in Swiss-UK tax deal

HMRC has received £342m from Switzerland as a result of the Swiss-UK tax deal which came into force on 1 January. This is the first instalment of the £5bn that the Revenue is expecting to receive for previously unpaid tax
 

Under the deal, the Swiss are taxing the bank accounts of UK citizens and transferring the money directly to the Treasury without revealing the identity of account holders.
 

Swiss authorities will now routinely notify HMRC about British holdings, meaning those with Swiss assets, even undeclared, will find themselves under the Revenue's glare and liable to tax of 48% of income.
 

Exchequer secretary David Gauke said:
“Offshore evasion costs the UK billions of pounds every year and we are determined to tackle it.”
 

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“There are a number of options available to residents with Swiss assets including:

  • move funds out of Switzerland by 31 May 2013
  • use the Liechtenstein Disclosure Facility, which will run until April 2016
  • make a voluntary disclosure to HMRC 
  • pay a flat rate tax for the past and withholding taxes going forward
  • opt out and claim the remittance basis charge.”

If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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