UK : Switzerland Tax Agreement

The UK and Switzerland yesterday published the first details of their long-awaited tax agreement for UK residents with accounts in Switzerland (the “Agreement”).

Subject to ratification by the two Governments, the Agreement is due to enter into force 1 January 2013.

New Late Filing and payment penalties

From 6 April 2011, if your tax return is not filed in time the penalties you will have to pay are increasing, as follows:

• One day late - an initial penalty of £100 will be charged, even if there is no   tax to pay.

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