Does the new agreement apply to non doms?
We can’t say for certain until the terms of the agreement are published (hopefully soon) but we believe it will be possible for non doms to stay outside the withholding tax requirements. However, like everyone else non doms need to ensure their tax affairs are correct, irrespective of whether the new arrangements apply to them.  

What happens if I move my money out of the account before tax can be withheld?
We would certainly not recommend this course of action as it does nothing to regularise tax affairs and we note the Swiss Bankers Association has said that Swiss banks will not actively support customers if they wish to pursue this.  

Will I be prosecuted if I make a disclosure to HMRC or allow my details to be passed to them?
No. There will be a guaranteed immunity from prosecution for past tax offences if a voluntary disclosure is made. The only exceptions to this will be if HMRC has already commenced a criminal investigation or is gathering evidence to commence a criminal investigation or if there is wider criminality involved, beyond tax matters.  

How much will the one off withholding tax for the past actually cost?
The percentage of assets lost will depend on the facts and circumstances of each case. No details have been published yet of the calculation method but the Swiss Bankers Association estimates for most customers it will be between 20% and 25% of assets held at the relevant date, which we expect to be 31st December 2010 but again this is not yet confirmed.  

Can I make my voluntary disclosure using the Liechtenstein Disclosure Facility (LDF)?
Yes, Swiss bank account holders with an account or another overseas asset  in existence at 1st September 2009 will be able to use the LDF to declare their Swiss bank account.   We expect that most people will want to compare the relevant costs to them of using the one off historic withholding tax and the overall liability using the LDF route and we are happy to facilitate this process.  

I am the beneficiary of a non-UK trust which has a Swiss bank account – am I affected?
It isn’t clear yet whether trusts, or certain types of trust will be within the scope of the one off withholding tax and future withholding taxes. However, this point should be resolved when the agreement is published.  

I own shares in an overseas company which has a Swiss bank account – am I affected?
As with trusts, the position should be resolved when the agreement is published.

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