Even fully individuals whose affairs are completely up to date risk suffering a levy on the capital in the account and withholding tax being applied to future income and capital gains if they do not meet the requirements that Swiss paying agents are now required to make under the Agreement.
The Swiss paying agents have also been writing to depositors setting out their options, so anyone who has received a letter from either their Swiss paying agent or HMRC, or who has a Swiss account but has not been contacted, should take urgent advice and then act to avoid unnecessary, possibly excessive charges.
The deadline for action to avoid withholding tax is 31 December.
The deadline for avoiding the levy is 31 May 2013 but depositors need to be taking advice in time to consider their options and take action before then.
For help in managing these issues contact:
T: +44 (0)7794 031325
T: +44 (0)7814 033216