Glen Millar, head of Kinetic Partners’ Swiss operations, on the Swiss-UK tax arrangement announced on Thursday by the Treasury…

The news that the UK and Switzerland have reached a landmark deal that will see unpaid UK taxes from Swiss offshore accounts returned to the Treasury, will leave Swiss private banks and others with an operational headache. We are working with private banks and others in Switzerland to ensure they explain the implication to their clients, establish processes and procedures for identifying and calculating the correct amounts and make the payment of taxes to the UK on a timely basis. Swiss based private banks will also need to plan for the impact of this agreement and consider how it will affect business strategy in the future.