Welcome to ‘Private Client Focus’, our newsletter keeping you up-to-date with the latest news and updates that may affect you as a private individual. In this edition, we focus on Switzerland.
We advise private individuals and their advisers based in Switzerland and across the world, and have extensive experience in the specialist tax, residence and advisory issues facing this jurisdiction.
For further information and detail, take a look at our dedicated private client hub – the World of Private Clients. Our international team provide an overview of Switzerland and it's key tax information as a private client hotspot.
European Property Tax Guide 2021
For families, the complexity of owning a foreign home or property investment is increasing, so it is vital that prospective owners understand the tax and legal context for any country in which they intend to invest. This guide provides a summary of the legal and tax rules for foreigners buying real estate in Europe, including in France, Germany, Netherlands and the UK.
Domicile issues and HMRC enquiries
A number of recent Tax Tribunal cases concerning domicile enquiries reflect what we are seeing in practice – that HMRC is increasingly questioning domicile status.
Tax Day - The personal tax implications
We look at the UK's recent Tax Day, following the Budget, and the updates and implications that arose from a personal perspective.
Domicile Enquiries – Partial Closure Notice requests
Those subject to ongoing HMRC domicile enquiries were no doubt awaiting with interest the eagerly anticipated decision of the Upper Tier Tribunal in the case of HMRC v Epaminondas Embiricos .
We explain the outcome of the case.
HMRC issues a new round of nudge letters
HMRC has issued a new round of nudge letters to clients and their advisors, as they continue to actively seek compliance with offshore matters and to prompt disclosures.
EU Settled Status: Applications and Impact on Domicile Status
Alongside leading immigration firm Fragomen, our team update you on the situation with EU settled status before the UK leaves the EU.
New HMRC guidance on the UK Trust Register
Following our previous update regarding the requirement for certain Trustees to provide details of the Trust to the UK on the UK Trust Register, HMRC has clarified their interpretation of a ‘business relationship’ under the EU’s 5th Anti Money Laundering Directive (“5MLD”).
HMRC nudge letters – an update
HMRC typically issues ‘nudge’ letters to taxpayers in large batches and usually after it processes data received from overseas tax authorities under the Common Reporting Standard.
HMRC data collection: requests for information and Trust registration
It is apparent that there have been a number of HMRC enquiries targeted at settlors of non-UK trusts that benefit from ‘protected’ status.
Inheritance Tax – taking a long term view
In this update we highlight some of the Inheritance Tax issues that should be taken into account during these conversations.
Update on the taxation of UK land
In this update we cover updates to SDLT surcharges and disposals of UK land.
Recent Swiss regulatory changes
We give a round up of recent Swiss regulatory changes that affect Trustees, with a focus on supervisory legislation that came into force on 1 January 2020.
Current travel disruption – Tax issues facing Swiss trustees
From our conversations with Swiss intermediaries, it is clear that a number of tax issues have arisen from the restrictions on travel that are currently being imposed due to COVID-19. In this update, we consider how individuals and companies are being affected and how HMRC are responding to these challenges.