What is the UK and Swiss Tax Cooperation Agreement?
With the HMRC having recently sent out their first batch of warning letters to Swiss Account Holders, I though it may be useful to recap the details of the UK and Swiss Tax Cooperation Agreement.
The new information-sharing agreement was made between UK and Switzerland and came into force on 1 January 2013. The agreement covers undeclared Swiss bank accounts held by UK residents. This agreement changes the way that banking will be conducted in Switzerland and the information sharing enables HMRC to find out about Swiss offshore accounts held by UK taxpayers.
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