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Old 20.01.2013, 22:40
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witholding tax UK/Switzerland

Hello everyone

I have a quick question, maybe someone can help me.

I am a Swiss citizen who lived in the UK in 2010 and 2011.
When I left the UK I obviously informed the Town Hall and Tax office that I was leaving the country and filled out all the appropriate paper work.

I had an HSBC bank account that I left open because I was still waiting to receive some money paid in and also give that I was going to travel to the UK for work, I thought to leave it open just for because it was handy.
I been transferring money into this English bank account on a regular basis - money that I would then spend once in the UK to pay for things.

Last week I received a letter from the Swiss Bank saying that I would have to pay a quite substantial amount as " I was holding this Bank Account in the UK" and for them it is classified as I would be a resident still.

I explained them the whole situation but not being aware of it, they said basically to pay that amount otherwise they will have me notified at UK Tax office.

Now the question is, is there anything I can do about it?
Can the Bank in Switzerland do such a thing? I mean I am not a resident in the UK, but only have a postal Address in case something get send.

Would it make sense to get in touch with the UK Tax office and explain the situation? or will I just make things even more complicated?

Thanks in advance for all your kind help and information!
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Old 20.01.2013, 22:45
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Re: witholding tax UK/Switzerland

There is no issue holding a UK bank account when resident in Switzerland as long as you declare it on your Swiss tax return.
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Old 20.01.2013, 23:04
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There is no issue holding a UK bank account when resident in Switzerland as long as you declare it on your Swiss tax return.
The op is the other way round, even if you don't declare a UK account its unlikely to be a major issue unless your very rich, even then probably not.
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Old 21.01.2013, 09:30
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Re: witholding tax UK/Switzerland

It may have something to do with this:

http://www.hmrc.gov.uk/taxtreaties/ukswiss.htm

I get the feeling that the banks are using FATCA and other agreements as a way to charge some clients more money.

What is the address on the UK account? Is it still a UK one or did you change it to a Swiss one so the statements, etc, are sent to you here. I don't know, but that might help to show the bank that you're not resident if the statement has a Swiss address on it.
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