Volltext: The future importance of tax compliant clients

LDF and Swiss-UK Tax Agreement 
Swiss paying agent.” Asset managers are commonly not covered by this definition, since 
their portfolios are usually held under the name of the client on a bank deposit. This makes the 
bank the responsible paying agent.** 
e “Relevant assets”: These are bankable assets deposited with a Swiss paying agency. Safe de- 
posits, real property, chattels or insurance contracts (excluding insurance wrappers) are not 
relevant assets.” 
e "Relevant person": À person resident in the UK who is the contractual partner, ac- 
count/deposit holder or beneficial owner of some assets with a Swiss paying agent.” There is 
a look-through on domiciliary companies, insurance wrappers and other legal persons. In ex- 
ceptional cases, a domiciliary company can be a relevant person if he is taxed ordinarily or is 
seen as non-transparent under UK law. Beneficiaries of discretionary entities are not relevant 
e "Non-UK domiciled individual": A person not resident in the UK as of 31/12/2010 and who 
claims the remittance basis for the relevant tax year.’ Identification 
The identification of relevant persons shall be made via due diligence records.’ Any person with an 
address in the UK is seen as resident person.” The bank is only allowed to treat a person as non-UK 
domiciled if a lawyer, tax advisor or accountant who is member of a professional association certifies 
the status and the application of the remittance basis of taxation.’ Cut-Off Dates 
The agreement has four cut-off dates, which are essential for the banks and their clients.** 
Cut-off date 1: The agreement has a period under consideration, which starts on the 31/12/2002 at 
the earliest. Therefore, asset values before this date are not relevant for tax duty 
#7 CH-UK Tax Agreement, 2011, art. 2, letter e. 
#8 Degen, 2012, p. 30 & 31. 
#9 CH-UK Tax Agreement, 2011, art. 2, letter f. 
30 CH-UK Tax Agreement, 2011, art. 2, letter h. 
31 CH-UK Tax Agreement, 2011, art. 2, letter h. 
32 CH-UK Tax Agreement, 2011, art. 2, letter j. 
3 Degen, 2012, p. 31. 
3555 CH-UK Tax Agreement, 2011, art. 3, Para. 1. 
#3 CH-UK Tax Agreement, 2011, art. 4, Para. 1. 
356 CH-UK Tax Agreement, 2011, art. 2, letter j. 


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