LDF and Swiss-UK Tax Agreement 
Cut-off date 2: In order to become a relevant person, the individual must have had a UK address as 
of 31/12/2010 and on cut-off date 3. The asset value on this date is used for the tax 
calculation. 
Cut-off date 3: Five months after the agreement came into force, 31/05/2012, the relevant persons 
must have informed their bank about whether they are choosing the withholding 
tax or making a voluntary disclosure. This date is the borderline between the treat- 
ment of old and new relationships. 
Cut-off date 4: Six months after the agreement came into force, 31/06/2012, new client relation- 
ships between cut-off date 2 and 3 had to inform the current Swiss paying agent 
about former relationships with other Swiss paying agents. 
3.4.3 Regularising the Past 
3.4.3.1 Relevant Persons 
Relevant persons with relevant assets have the option to either make a one-off payment (Art. 9 para- 
graph 2) or make a disclosure (Art. 10).?" If a relevant person fails to agree on one option, then the 
one-off payment is chosen.” Thus tax compliant persons who ignore the letter from the Swiss bank 
will pay the one-off deduction unnecessarily.?? 
Non-domiciled persons have the additional option of creating a self-assessment and paying taxes on 
income and gains remitted between the 31 December, 2010, and 6 October, 2011, or of choosing the 
opt-out method.* For the opt-out method, the person requires a confirmation of his non-UK domiciled 
individual status. The agent has to issue a confirmation for the person.” In this case, the Swiss paying 
agent does not execute the one-off payment or the voluntary disclosure but issues a certificate to the 
client. ** The regulation for non-UK domiciled individuals are specifically for the Swiss-UK tax 
agreement and are, due to the different tax system, not implemented in the Swiss-Austria and the 
planed Swiss-German tax agreement.*° 
  
57 CH-UK Tax Agreement, 2011, art. 5, para. 1. 
55: CH-UK Tax Agreement, 2011, art. 5, para. 3. 
9 Watt, 2013, p. 15. 
0 CH-UK Tax Agreement, 2011, art. 5, para. 2. 
36! CH-UK Tax Agreement, 2011, art. 11. 
2 CH-UK Tax Agreement, 2011, art. 11. 
3 Hosp & Langer, 2012 (2), p. 352. 
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