LDF and Swiss-UK Tax Agreement 
is that only Swiss bankable assets are regularised. Further assets in other jurisdictions cannot be sub- 
mitted, while assets in a safe or real estate cannot be regularised. 
3.4.3.3 Voluntary Disclosure 
As well as the one-off payment, relevant persons have the option of making a voluntary disclosure in 
writing. The Swiss paying agent must then send the following information to the Swiss tax authority: 
identity (name, date of birth, address); UK tax reference number; address of the paying agent; account 
number and annual statement of assets since 31 December 2002.?? The Swiss tax authority forwards 
this information to HMRC and the UK individual is no longer anonymous.** For HMRC, this is treat- 
ed as an ordinary voluntary disclosure? According to general international principle, a voluntary 
disclosure is not possible if the tax evader has already been detected or convicted by his competent tax 
authority. 
Voluntary disclosure is a necessary option for identified persons who are tax compliant or who are 
currently making use of the LDF. This solution exempts such persons from the one-off deduction. 
However, such tax compliant persons have to relinquish their anonymity, whereas tax evaders are able 
retain it. This could be seen as a punishment.?" 
Furthermore, voluntary disclosure may be cheaper for persons with a low personal tax rate, a buy and 
hold investment strategy, high withholding tax or the ability to offset the loss. However, anonymity is 
lost in this case.?* The tax burden under voluntary disclosure is expected to be between 1196 and 
17%.” Ultimately, to conclude which of the two options is more advantageous for a UK individual, 
the tax burden must be calculated for both the one-off payment and voluntary disclosure." 
3.4.3.4 Miscellaneous 
Swiss paying agents have to pay CHF 500m as an upfront payment by 25" January 2012." Once the 
total from the transferred payments reaches CHF 1,300m further payments are offset against the CHF 
  
¥3 CH-UK Tax Agreement, 2011, art. 10, para. 1. 
34 Fellner, 2012, p. 301 & 302. 
95 Urtz, 2012 (1), p. 63. 
9$ Hosp & Langer, 2011 (2), p. 910. 
¥7 Kubaile & Nelsen, 2011, p. 1050. 
55$ Tormóhlen, 2012, p. 223. 
9 Kubaile & Nelsen, 2011, p. 1052. 
90 Urtz, 2012 (1), p. 62 & 63. 
^! CH-UK Tax Agreement, 2011, art. 16, para. 2. 
66