Posted by Nick Day on 21 Oct 2013

HM Revenue & Customs (HMRC) has started issuing letters to those UK resident individuals who have opted not to keep their Swiss investments secret, but to have the details disclosed to HMRC via the Swiss authorities.  In doing this, the individuals avoid withholding tax on the Swiss assets of up to 41%, but now need to complete a certificate confirming the UK tax position on the assets for HMRC.

The letter gives recipients the choice of completing three Certificates (A, B or C) to state whether they:

A.  Have no further UK tax to pay, or

B.  Will disclose tax to pay via the Liechtenstein Disclosure Facility (LDF), or

C.  Disclose tax to pay other than via the LDF.

The deadline date for responding to and submitting a certificate is 1 November 2013, and the letter threatens possible investigation and criminal prosecution if the deadline date is not met.

We have experience of making the necessary disclosures to HMRC and can help you make the right decision.  Please see the following links to previous articles on this matter:

http://www.taxinnovations.com/articles/update-on-hmrc-offshore-disclosure-facilities

http://www.taxinnovations.com/articles/liechtenstein-disclosure-facility-versus-uk-swiss-tax-agreement

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com