No referendum for Swiss-UK tax agreement

 

Tax advisory firms are advising UK citizens with assets in Switzerland to get their affairs in order ahead of the Swiss-UK tax agreement starting in January. 

The petition to hold a referendum on the agreement in Switzerland did not get the adequate amount of signatures by the deadline, 2 October. Therefore, the agreement will go ahead from 1 January 2013 as planned. 

The agreement was signed by the UK and Switzerland in 2011 and amended earlier this year. 

Under the deal, the Swiss will tax the bank accounts of UK citizens and transfer the money directly to the Treasury without revealing the identity of account holders. 

Gabelle and accountancy firm PKF have advised those with assets to seek advice on the options available and sort out their affairs.

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments
carnmores's picture

presumably this was a swiss referendum

carnmores | | Permalink

i cant think of any reason they would have wanted to veto it - anyway the LDF is a wheeze

frustratedwithhmrc's picture

Unlike the UK...

frustratedwithhmrc | | Permalink

carnmores wrote:
i cant think of any reason they would have wanted to veto it - anyway the LDF is a wheeze

Switzerland is a direct democracy rather than any other country, which like the UK tend to be representative democracies.

This means they have a right of public plebiscite on any piece of legislation agreed by it's government, even as dull as a Double Tax Treaty with the UK.

Some people might think that a more acceptable way of being governed.

carnmores's picture

you slighly missed my point

carnmores | | Permalink

I am fully aware of the swiss democracy and right for referenda and the need to carry cantons as well and delegate as opposed to representative ideaology. I first went to switz in 1961 happy days. The point i did not make clearly enough was why would they bother with what only has an effect on non swiss nationals and foreign tax avoiders unless one subvscribes to the view that that is what their economy is abouit