UPDATE: Please see Eaves and Co’s Swiss Treaty Brochure for full details of the treaty
As the timeframe moves closer for the UK Swiss Treaty to come into operation (1 January 2013) there have been some further changes to its terms.
On 18 April 2012 the UK and Switzerland exchanged letters with the outcome being that the minimum rate payable on capital through the treaty has been raised to 21%. The upper rate also being raised and to 41%.
Clearly this makes the UK Swiss Treaty even less palatable, with some commentators saying that only people wishing to remain anonymous should suffer the levy. However, an initial professional consultation for anybody considering the matter remains a necessity in considering the alternative routes to redress of their tax position.
- Disclosures – Act Now! (eavesandco.wordpress.com)
- UBS head calls tax flap ‘economic war’ for Switzerland (ctv.ca)