|Leading Professional Contributors|
Mark Summers, Charles Russell Speechlys
Dispelling the myths of Rubik
The UK/Swiss Tax Cooperation Agreement (the TCA), or 'Rubik' agreement, was initially greeted with enthusiasm by Swiss banks, HMRC and UK resident account-holders alike. This enthusiasm is gradually abating, and being replaced by confusion and disappointment. Account- holders, in particular, have good reason to feel let down, as many of the perceived virtues of the agreement have been shown to be illusory, or are being undermined by HMRC practice which, at least at first glance, seems contrary to the spirit of the agreement. In this briefing we look at some of the myths which have sprung up around this agreement, and the realities of 'Rubik'.
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