Advisers warned over Swiss-UK agreement

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A potential risk has emerged for advisers whose clients have opted for the withholding tax route under the Swiss-UK agreement, according to BDO.

The top 10 firm said that while advisers are honour-bound to urge their clients to make full disclosure of all offshore accounts, there will be some individuals who, unbeknown to their adviser, have made use of the withholding tax option under the Swiss-UK agreement to preserve their anonymity.

However that anonymity, it says, can only be maintained by continuing to deceive their adviser and HMRC.

Fiona Fernie, tax partner in BDO, explained...

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