Finance and Accountancy Briefing
International Client - December 2012
In this issue we focus on Switzerland. As a consequence of international pressures, Switzerland has entered into a number of information sharing and bilateral agreements which means that there is an ever-increasing regulatory burden on individuals with investments in Switzerland. The changes will affect fully tax-compliant individuals and so anyone with Swiss assets should review their circumstances as soon as possible, and before the UK-Swiss tax co-operation agreement comes into effect from 1 January 2013. The Chancellor commented in his Autumn Statement that the UK-Swiss agreement is expected to yield £5 billion in the next six years.
We review the UK-Swiss tax co-operation agreement and action that is required; discuss our recent experiences with Liechtenstein Disclosure Facility cases; and consider the Foreign Account Tax Compliance Act (FATCA) requirements and implications for Swiss account holders.
In this issue, we also look at changes in France and proposed reform of UK anti-avoidance provisions.
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