Details of the Swiss contract transfer can be found in the 2013 Finance Act. The United Kingdom has concluded a series of bilateral tax cooperation agreements through the exchange of information. The agreement between the United Kingdom and Switzerland came into force on 1 January 2013. It is not a possibility of disclosure per se. In February 2015, HMRC established a standard disclosure package for Swiss offshore revelations. See the main part of the cooperation agreement between the UNITED Kingdom and Switzerland: tax cooperation agreement for the comprehensive whistleblowing agreement. The initial agreement is also available. Article XVIII of the Protocol gave the United Kingdom the right to make a beneficial change to the functioning of the formula that calculates the single payment agreed between Switzerland and Germany for the past enshrined in the United Kingdom Agreement. The initial tax agreement between the United Kingdom and Switzerland was signed on 6 October 2011 by Finance Minister David Gauke and Swiss Finance Minister Eveline Widmer-Schlumpf. On 20 March 2012, the United Kingdom and Switzerland signed a protocol to the tax treaty. On 14 November 2016, HM Revenue and Customs Permanent Secretary and Executive Chairman Edward Troup and the Swiss Ambassador to the United Kingdom, Dominik Furgler, signed an agreement ending the tax cooperation agreement between Great Britain and Switzerland. The withholding agreement between Switzerland and the United Kingdom was denounced on 1 January 2017, with the agreement between Switzerland and the EU on the automatic exchange of tax information having entered into force on that date.

For more information on this topic, please click on the links below. The UK has mutual agreements with a number of countries on the EU Directive on the taxation of savings income in the form of interest. The United Kingdom has also concluded a number of non-reciprocal agreements on the European Savings Tax Directive. For more information, see the agreements on the automatic exchange of information in the UK. Double taxation refers to the fact that two countries tax taxes on the same item. This can happen when companies or individuals reside in different countries or when they receive income from another country. The agreements reduce double taxation and thus help to overcome obstacles to cross-border economic transactions. In addition, they govern mutual tax assistance. This protocol highlighted the relationship between the agreement and the EU austerity agreement (EEA) with Switzerland – if a person concerned has been subject to withholding tax under the EEA, an additional 13% “final tax payment” must be paid to obtain tax assistance in accordance with the terms of the agreement.