I suggest you talk to a local tax expert, it depends on the structure and details you would not want to disclose in a public forum, look at the double taxation agreement (http://www.hmrc.gov.uk/manuals/dtmanual/dt18101+.htm), you probably get either a discount or get a refund next year
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Tks Richard, we have a UK tax person, but the double taxation issue has only arisen before when the UK report back to swiss. In this case the Swiss tax deducted at source, and we are hoping to get a swiss tax expert who has previously dealt with double taxation after tax was deducted in switzerland. The clients problem was he left funds too long in Switzerland when the bank declared them to the Swiss tax.
bit of a mess and any guidance is useful
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Rl. I know we have had our disagreements on certain issues over the past few months on the forum, but the article you posted has helped our client greatly and he is as we speak contacting the taxtion contact.
Many thanks for the time and effort you placed into locating this article and most posters here should definitely read it and save.
I have also from your leads discovered that this simply does not apply to the UK but to all european countries,and others outside of Europe who have a joint reporting agreement to report funds and examine what if any taxation has been applied to these transferred funds into and out of Switzerland.
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receipt
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December 4 2008, 4:19 PM
first you have to take the receipt of the tax payment.
if you live in UK you must to pay the difference.
there are other window you can use...
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Re: question on tax.
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December 4 2008, 4:25 PM
first you have to take the receipt of the tax payment.
if you live in UK you must to pay the difference.
there are other window you can use...
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This is only partly correct. Under the proceeds of crime act, a party intaking funds from several countries under observation by the UK notably switzerland, leichtenstein, and some Carribean islands) has not only to produce a tax paid form but also proof of how the funds were earned.
WIthout these documents, the UK government can impound the funds until you satisfy them of the source. They can then penalize you heavily during the time it takes to prove the source and furthermore you will still have to pay the balance of taxes due.
The Uk is one of several governments ( France, Italy) who are renaging on the European parliament double-taxation bill, simply because it likes its big brother status and is making life difficult for genuine firms investing abroad and attempting to repatriate their profits.
Outside of the countries under observation, I can confirm that business interacted between France and the uk are subject to payment of double taxes. Any party interacting business between both countries will be made be the appropriate taxes due. This is clealry outside the Euro parliament legislation but under the crazy system until a country signs up and accepts the legislation they can basically do what they want until forced to accept the legislation.
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you can have money in UK paying a 5% or little more. It depends what your client uses money for: realestate, equity in a company, or personal purpose...
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that problem is already in the Luxembourg court and will be decided in 2009, the Commission is sueing both on the basis of the EU Agreement and yes there are ways around it, the main problem are the Britons who have French houses and have not declared them, anyway look at the pending new agreement between France and UK which addresses the problems:
