UK Tax Authorities make agreement with Switzerland and Lichtenstein banks re UK tax dodgers

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Hammer
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UK Tax Authorities make agreement with Switzerland and Lichtenstein banks re UK tax dodgers

http://www.bbc.co.uk/news/business-14649194

HRMC reaches agreement with banks  in Switzerland and Lichtenstein to pay taxes without disclosing account names and gives time limit to own up to avoid larger penalties for UK residents.

Nothing necessarily to do with gold or silver but another piece of the jigsaw puzzle is put in place.............

Edited by admin on 11/08/2014 - 06:04

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giant catfish
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This applies only to UK

This applies only to UK residents with large bank balances in Swiss banks only, right? There's no intention to establish a line of communication from cantonal tax authorities to HMRC, in order to list UK owners of Swiss real estate?? surprise

Erm, not that I am the sort of 'International Man' who has property in 'independent' states like Switzerland, of course. Erm.

I'll admit to having a CHF current account, but it's got 760 CHF in there at the moment, so I'm hardly going to be on anyone's radar (especially not the Swiss, and *absolutely* most certainly not in the village branch that holds my account... they are used to people with *orders of magnitude* more wealth than I).

Anyway I'm driving down on Friday for a week's holiday, and will ask my bank manager then about this BS.

I remember *very* clearly when I opened the account that my banker asked more questions about whether I was remotely American than whether I had enough money to do what I wanted to do! Money wasn't the problem - nationality was. They simply would have to decline to do ANY business with me (and my girlfriend) if either of us were American, or had the remotest possibility of the US authorities having a claim on us.

Fortunately, neither of us have any American links (neither of us have even been there - but now having communicated online with the more erudite Americans, I'm now keen to actually see the country, but the New York attitude doesn't appeal, and I have a real problem with authority and airport nazis - so I've avoided flying to the USA for my own safety...).

Anyway back on topic - what's this all about? A withholding tax on investment income? Or simply a report of assets to HMRC? The latter would be illegal under Swiss law, unless the Swiss changed the law (banks can't simply give names and holdings to foreign authorities AFAIK). A withholding tax is one thing, but with the state of the CHF yield curve, most here would be liquidating Swiss bonds for PMs, surely? And stacking physical in nice safe Switzerland isn't going to yield any income that can have tax withheld... especially if you hide your gold and silver in your (or a friend of a friend's wink ) property and NOT in bank deposit boxes...

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