From Rubik to the Common Reporting Standard – what do you need to know?
06 June 2017
The UK/Swiss Agreement on Co-operation in the area of Taxation (also known as the Rubik Agreement) was superseded by the Common Reporting Standard on 1 January 2017. The transition brings a number of changes in reporting requirements as well as a range of penalties for those who fail to correct any previous errors.
There were a number of exceptions from reporting under Rubik, meaning that not all UK resident account holders had their interests in Swiss accounts reported to the UK taxation authorities.
Far fewer exceptions exist under the CRS, meaning that a number of account holders will have their financial interests reported to the UK taxation authorities, potentially for the first time.
Download our guide within which we analyse four case studies setting out the implications of moving from Rubik to the CRS, and how to avoid problems and penalties in the future.