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.