Swiss/UK Tax Agreement

What is it?

The UK and Switzerland governments signed a historic treaty on 6 October 2011 which gave UK residents the option of either:

  • paying a one off levy on the Swiss bankable assets held as at 31 May 2013; or
  • voluntarily disclosing details of the Swiss bankable assets.

The agreement was ratified in a Swiss referendum in November 2012 and came into effect from 1 January 2013.

One off levy

The levy was charged at a rate of between 21% – 41% on capital held in Swiss accounts on 31 December 2010 and which remained open on 31 May 2013.

Withholding taxes

Withholding taxes were introduced on 1 January 2013 and will be charged on income attributable to the bankable assets.

The rates of tax are dependent upon the nature of the income or gains received and range between 27% and 48%.

Who does it affect?

The agreement affects all UK residents as at 31 December 2010 who are identified as the beneficial owners. This includes account holders who were resident in the UK on 31 December 2010 and have subsequently left the UK.

How we can help?

We are very familiar with the specifics of the Swiss / UK Tax Agreement and are experienced in advising professionals and their clients of their options under the Agreement. We have successfully recovered clients’ funds where the Swiss financial institution wrongly levied the one off charge on the Swiss bankable assets.

We understand and are familiar with the legislation and its application for both UK and non-UK domiciled individuals. We also ensure that we advise not only on how to sort out the past but also how to plan for the future.

For more information on our Tax Investigation services, please phone our TaxDesk on 0845 4900 509 or email


John Hood

Isobel Clift

Davinia Douglass