My client runs a dog agility club for many years. She came from Switzerland a long time ago but has kept a Swiss bank account. She kept this account but has never transferred any money to or from the account to her UK bank. The money in her account is from inheritance from her parents and sister who passed away. The balance is approximately £ 60,000.
Switzerland and the UK have signed a bilateral tax agreement on co-operation in the areas of taxation which is expected to enter into force on 1.1.2013. The bank account is an seest and the Swiss bank has given her the option to make a one-off payment or voluntary disclosure to the UK tax authorities. What should she do.