Now is the time to declare Swiss income, says Creaseys

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The New Year of 2013 sees implementation of the UK-Swiss Taxation Co-operation Agreement and vital choices face UK-based individuals and trusts with investments in Switzerland.

If not done already, UK-based individuals and trusts with investments in Switzerland should consider taking professional advice as to disclosure of this income as otherwise there is a danger that on 31 May 2013, the Swiss bank in question will add a direct levy of between 21% and 41% of the balance in any undisclosed Swiss account and then levy taxes of up to 48% on future income.

Switzerland has always been a place where banks have placed a particular emphasis on client confidentiality but this is no longer the case.

The Agreement with Switzerland is the latest in a long line of offensives by H M Revenue and Customs against offshore tax evasion. An agreement with Liechtenstein was signed in 2009 and there have been various exchange of information agreements signed even with a large number of tax havens.

Jonathan Flett, senior tax manager with Creaseys says: “We assist a large number of clients with tax returns and organising their tax affairs carefully. Sometimes though we are faced with situations where disclosure has not been properly made and it is our job to assist taxpayers with this. In addition, often changes in tax law and practice mean that previously established arrangements such as trusts or companies no longer ‘work’ from a tax angle and thus need to be unwound or reviewed.”

Please get in touch with Jonathan Flett or Richard Holme at Creaseys on 01892 546546 if you wish to discuss any of the above.

Notes to editors:

  •     Kent-based Creaseys has seven partners and a team of approximately 80. The practice has been established for more than 150 years and works with forward thinking businesses and individuals in the region as well as further afield.
  •     The firm has two specialist practices: Corporate & Business and Private Clients.
  •     Within Corporate & Business, Creaseys has developed particular expertise in a number of sectors including property; IT and telecoms; charities and education; private equity; and professional practices.
  •     In its Private Clients division, Creaseys has strong skills and experience in high net worth individuals, trusts and estates; agriculture and non-domiciles (particularly providing tax advice to non-domiciled taxpayers).
  •     Creaseys is a founding member of the Kent Corporate Finance Alliance (KCFA) and is also a member firm of Prime Global, an association of independent firms that shares ideas and expertise across the globe.
  •     Creaseys trains young accountants in both tax and accounting disciplines and enjoys enviable success, with a number of prize winners over the last three years.
  •     Creaseys was named ‘Best Single Office Tax Practice in the UK’ at the Taxation Awards 2012.
  •     Creaseys has been awarded a One Star in the Sunday Times ‘Best Companies to work for’.
  •     The firm has a very strong CSR programme and currently supports local charity Tunbridge Wells Crisis Recovery as its ‘charity of the year’. TWCR is a Christian charity staffed by trained volunteers, which supports addicts by providing both practical support and access to a 10 Steps Recovery Programme.

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Angela Ward
The Marketing Eye
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