How to do a compliance check: establishing the facts: asking for information: UK / Swiss tax cooperation agreement: analysis of the response
The OCU will send an acknowledgement to you confirming that the request has been received and that it will be reviewed.
The OCU will make a decision as to whether the request is accepted or rejected within 28 days of the request being made.
When a request is returned to you by the OCU they will tell you
why the request has not been taken forward, for example
- there are no plausible grounds
what further action you need to take, for example
- more information is required
- the request is to be kept on file due to higher priority requests.
When a request is taken forward the OCU will
- normally inform the UK based person of the approach to the Swiss tax authorities
- let you know when this has been done
- submit the request to CEI.
In most cases the OCU will receive a response from the Swiss Federal Tax Authority within 90 days. However, note that the UK person does have a right of appeal against the information exchange that may cause a delay.
A reply to your request may take up to 120 days and the OCU will contact you, whatever the outcome. Do not issue a reminder before then.
Following a reply from the CEI
The OCU will send the details of the response immediately to you as set out in Part One of the stencil.
If there is a positive response you will receive details of the number of accounts held by the person during the time period and the name of the provider institution.
In answer to a request for information you may get the response
- Mr Grey
2 accounts or deposits: UBS AG
1 account or deposit: HSBC
If there is a negative response this may be because
- there is no account
- the account has been subjected to either a one-off payment or the withholding of tax.
A negative response will not specify the reason why it is negative.
In the case of the latter, you later establish that the proceeds of a sale were indeed deposited into a Swiss bank account. However, those proceeds were cleared for Income Tax and Capital Gains purposes by a one-off payment levied on the account on 31 May 2013 and you are provided with a certificate to demonstrate this, see INTM820600. In such circumstances further advice will be available from OCU to aid in the correct interpretation of such certificates.