UK- Switzerland Tax agreement
A new protocol to the double taxation convention between the UK and Switzerland which was signed back in September 2009 came into force on 15 December 2010.
The protocol updates the convention in order to update the exchange of information clauses in line with the OECD’s model. This is drafted to allow for the exchange of information up to OECD and international tax standards in order to prevent fraud and tax evasion.
The protocol also inserts an arbitration provision into the mutual agreement procedure article which can be relevant if there is disagreement between the two tax authorities on the allocation of taxing rights.
The protocol takes effect for tax years beginning on or after 1 January 2011.