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Finance Act 2012


1.Section 218 and Schedule 36 give effect to the agreement signed on 6 October 2011 between the UK and the Swiss Confederation (Switzerland) on co-operation in tax matters (as amended by the protocol signed on 20 March 2012 and a mutual agreement signed on 18 April 2012 implementing article XVIII of the protocol). The agreement provides for a one-off levy on financial assets in Switzerland, for a withholding tax to be deducted from income and gains arising in Switzerland and a further levy on the death of an account holder. The withholding tax does not apply where a retention is made under the terms of the 2004 Agreement between the EU and Switzerland on the taxation of savings income (‘the EUSA’), but instead a tax finality payment is made so that the overall outcome is equivalent to that achieved by the withholding tax. The Schedule makes clear which UK tax liabilities are satisfied on payment of the one-off levy and sets out the effect of the withholding tax and tax finality payment on UK income tax and capital gains tax liability for the future and the effect of the levy on death on UK inheritance tax liability.

2.In all cases the levy or withholding is avoided if authorisation is given to disclose the assets, income and gains to the UK competent authority.

3.The agreement also provides for enhanced exchange of information.

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