A withholding tax agreement has concluded by the UK and Switzerland, which governs the untaxed regularization assets as well as the future taxable investment income. The agreement is tailored to safeguard the privacy of bank clients while ensuring the enforcement of legitimate national tax claims. This associated legislation and agreement were passed by the Swiss parliament on 15th June 2012 and the legislative process was completed by the UK on 17th July 2012. It came into force at the beginning of 2013.

DTA (Double Taxation Agreement) CH - UK

Double taxation means that two countries simultaneously collect taxes for the same item. This situation might arise when an organization or individuals are settled in different countries, or when they get income from another country. The agreement lessens double taxation and thus also helps to overcome the hurdles for cross - border transactions.