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Old 19.04.2014, 13:25
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Returning to UK - Swiss savings

Hi,

I'm considering a move back to the UK after having lived and worked for several years in Switzerland. My question concerns the implications surrounding the recent UK/Swiss tax treaty for those of us who have savings accounts in Switzerland. Will it just be a case of declaring any interest I receive on my Swiss account each year to HMRC, once I'm back in the UK? Or will I have to provide some form of evidence that all the money was earned and taxed in Switzerland else they'll take a huge chunk of the capital? We're talking a bit over 100k CHF, here.

Perhaps it would be wise for me to shift the money out of Switzerland (back to a UK account or somewhere else?) ahead of my move to the UK?

As you can tell, I really have no clue when it comes to tax so any help will be gratefully received!
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Old 19.04.2014, 13:34
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Re: Returning to UK - Swiss savings

Shall I PM you my bank details?
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Old 19.04.2014, 15:31
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Re: Returning to UK - Swiss savings

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Hi,

I'm considering a move back to the UK after having lived and worked for several years in Switzerland. My question concerns the implications surrounding the recent UK/Swiss tax treaty for those of us who have savings accounts in Switzerland. Will it just be a case of declaring any interest I receive on my Swiss account each year to HMRC, once I'm back in the UK? Or will I have to provide some form of evidence that all the money was earned and taxed in Switzerland else they'll take a huge chunk of the capital? We're talking a bit over 100k CHF, here.

Perhaps it would be wise for me to shift the money out of Switzerland (back to a UK account or somewhere else?) ahead of my move to the UK?

As you can tell, I really have no clue when it comes to tax so any help will be gratefully received!
As long as you give permission to the Swiss bank, to share info with the UK revenue there will be no withholding tax on the capital.
If you want to retain the money in CHF & receive any interest you should leave it here.
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Old 19.04.2014, 15:53
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Re: Returning to UK - Swiss savings

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As long as you give permission to the Swiss bank, to share info with the UK revenue there will be no withholding tax on the capital.
If you want to retain the money in CHF & receive any interest you should leave it here.
Thanks for the reply.

At what stage do I give permission to my Swiss bank? If and when they ask for it? Or when I leave Switzerland?
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Old 19.04.2014, 16:01
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Re: Returning to UK - Swiss savings

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Thanks for the reply.

At what stage do I give permission to my Swiss bank? If and when they ask for it? Or when I leave Switzerland?
When you become a uk resident.
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Old 19.04.2014, 21:06
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Re: Returning to UK - Swiss savings

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When you become a uk resident.
OK, I will contact them if and when I return.

Thanks for your help!
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