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Where Taxpayers and Advisers Meet

Returning to UK after having worked in Switzerland

Joe.S
Posts: 3
Joined: Wed May 18, 2016 5:30 pm

Returning to UK after having worked in Switzerland

Postby Joe.S » Wed May 18, 2016 5:51 pm

Dear all,

I'm returning to start a new job in the UK after having lived and worked in Switzerland for several years. During this time I was resident for tax purposes in Switzerland.

I have 3 Swiss bank accounts: a current account, a savings account and a vested benefits account containing a part of the pension money which was accrued during my time in Switzerland (I can't access this until I reach retirement age).

My question is, what is the procedure for declaring these to the HMRC, on my return?

Thanks in advance!
Joe

nikkisizer
Posts: 342
Joined: Fri Nov 04, 2011 5:26 pm
Contact:

Re: Returning to UK after having worked in Switzerland

Postby nikkisizer » Sun May 22, 2016 7:06 am

Dear Joe,

Once you become UK resident for tax purposes any foreign income received will need to be reported on a self assessment tax return.

In order to do this you will need to register for self assessment with HMRC.

Happy to help if required so if you need any further assistance please do not hesitate to contact me.
Kind regards,

Nikki Sizer

Sizer & Co Accountants
nikki@sizeraccountants.com
[url]http://www.sizeraccountants.com[/url]

Birmingham - London - Manchester - Leeds

Joe.S
Posts: 3
Joined: Wed May 18, 2016 5:30 pm

Re: Returning to UK after having worked in Switzerland

Postby Joe.S » Mon May 23, 2016 12:42 am

Dear Joe,

Once you become UK resident for tax purposes any foreign income received will need to be reported on a self assessment tax return.

In order to do this you will need to register for self assessment with HMRC.

Happy to help if required so if you need any further assistance please do not hesitate to contact me.
Dear Nikki,

Thank you for your reply. I understand that I would have to declare foreign income on a UK tax return, but my original question referred to the specific case of bank accounts in Switzerland.

I believe there was an agreement in 2013 between the UK and Swiss governments the result of which meant that all UK residents holding Swiss accounts had either to make a one-off payment or authorise disclosure. I was just wondering how the disclosure mechanism worked in practice. For example, do I have to provide evidence that the money held in the accounts was already subject to Swiss income tax?

Best wishes,
Joe

maths
Posts: 7599
Joined: Wed Aug 06, 2008 3:25 pm

Re: Returning to UK after having worked in Switzerland

Postby maths » Tue May 24, 2016 1:18 pm

There is no need on your return to the UK to make any voluntary or other disclosure to HMRC.

The so-called UK/Swiss disclosure facility related to naughty people resident in the UK who had Swiss accounts but failed to declare them.

Should HMRC enquire all you need to be able to demonstrate is that the monies in those accounts were generated whilst you were non-UK resident.

Joe.S
Posts: 3
Joined: Wed May 18, 2016 5:30 pm

Re: Returning to UK after having worked in Switzerland

Postby Joe.S » Tue May 24, 2016 8:09 pm

There is no need on your return to the UK to make any voluntary or other disclosure to HMRC.

The so-called UK/Swiss disclosure facility related to naughty people resident in the UK who had Swiss accounts but failed to declare them.

Should HMRC enquire all you need to be able to demonstrate is that the monies in those accounts were generated whilst you were non-UK resident.
Thanks for your reply.

I had assumed that by returning to the UK I would inadvertently become one of those people that had failed to declare their Swiss accounts!


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