Switzerland: Implications of UK taxation, non-dom individuals with Swiss holdings

Switzerland: UK taxation, non-dom individuals

The UK tax authority (HM Revenue and Customs or HMRC) issued a consultation document setting out proposed changes to the UK’s tax system for non-domiciled individuals (non-doms). The HMRC announcements cover a broad range of measures, confirming an intention to remove the “remittance basis” of taxation for non-doms who have resided in the UK for more than 15 years, and removing the possibility to shelter UK residential property from UK inheritance tax through the use of offshore structures.

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There are two key points to note for those with financial holdings in Switzerland: (1) there are future implications with the introduction of the common reporting standard (CRS) by Switzerland in 2018; and (2) non-dom UK taxpayers will have the opportunity to restructure foreign bank accounts and holdings between 6 April 2017 and 5 April 2018 for greater tax UK efficiency in what appears to be a one-time offer for all non-doms (regardless of how long they have been UK resident).


Read a September 2016 blog report prepared by the KPMG member firm in Switzerland: The UK’s changes to the tax rules for non-doms

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