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our software can meet the challenges arising out of the treaty agreements between the Swiss Tax authorities and their counterparts in UK and Austria

Ellis Financial has launched a comprehensive software solution for use by finance and investment professionals needing to manage the calculation and reporting requirements of the new Swiss Treaty Tax agreements between Switzerland and the UK, and between Switzerland and Austria. The two agreements came into force on January 1st this year.

The Ellis solution places the company at the forefront in this complex field and is setting standards for seamless and effective integration of Final Withholding Tax calculation and reporting within its market-leading strategic tax software solution for the global wealth management industry.

David Kelly, CEO at Ellis Financial, commented ‘Prior to launching our solution, we have factored in the complex and subtly-changed requirements published in the various sets of guidance iteratively provided for each of the treaties. We are, therefore, confident that our software can meet the challenges arising out of the treaty agreements between the Swiss Tax authorities and their counterparts in UK and Austria, both of which are now in force.”

“While it has taken some considerable time for these agreements to be put in place and ratified, the impact of their implementation is imminent and time is running out for those who have not yet taken steps to be ready to deal with what is going to be a profoundly altered landscape.“

The solution developed by Ellis Financial has been carefully designed to ensure that Swiss Paying Agents will be able to fully meet the following core requirements under the agreements:

- Recording and implementing client options
- Calculating the one-off levy
- Applying the one-off levy in defined circumstances against new accounts
- Calculating Final Withholding Tax on future in scope transactions
- Providing ‘Part 2 Certificates’, ‘Part 3 Certificates’ and calculations to clients
- Disclosing client details, remittances and account balances as required
- Charging the client’s account and making payment to the Swiss authorities
- Our reporting solution includes all of the certificate and report templates specified with the individual agreements and operational directives

According to Kelly, “Our solution also fully covers the terms of the Swiss-German agreement which was due to launch on January 1st, but which is currently on hold following the German parliament’s non-ratification of the treaty earlier approved by its federal legislature. Should this go ahead in the short-term as expected, our solution is already developed and ready for deployment.”

“Further countries, such as Greece and Italy are reported, to be in discussion with the Swiss authorities and it is likely that a number of further agreements will be reached with Switzerland and other so-regarded ‘tax havens’ in the short-medium term.”

“Our global tax software will be ready to quickly meet the challenges of these agreements. This is because our rules-based software architecture gives us a major advantage and means we can add and integrate new jurisdictions and treaty rule-sets in a matter of weeks. This is significantly faster than other solutions, which typically take months to add and integrate a new jurisdiction or treaty.”


FWHT is going to present a significant challenge to professionals working in the global financial and wealth management industries. The scope of the initial agreements covers resident individuals with relevant assets in Swiss accounts, including bank accounts, securities, shares, options, futures and all assets that can be readily valued.

It is based on a set of client identity/residence rules similar to the European Savings Directive (ESD) rules. There are also special rules for UK resident non-UK domiciled individuals.

There are two aspects to the requirements: ‘taking care of the past’ and ‘taking care of the future’.

In terms of ‘taking care of the past’, relevant clients can choose to either pay a one-off levy covering accounts and other relevant assets held in Switzerland for up to the last 10 years, or to make full disclosure of these accounts and assets. Non-UK domiciled individuals can also choose to either make a limited disclosure based on remittances or to opt out.

For future receipts and relevant transactions, including gains on disposals of assets, relevant clients can choose to make a voluntary disclosure of their income and gains, or to pay a final withholding tax assessed on their income and capital gains.

For more information about the Swiss Treaties, Final Withholding Tax and Ellis’ solution, visit or contact David Kelly ( / telephone 0207 420 9931) to request a copy of Ellis’ briefing notes.



Ellis Financial is a specialist provider of strategic tax software for the global wealth management industry.

Established in 1988, Ellis Financial’s tax solutions are designed to make life easier for finance and investment professionals working in the global wealth management industries. Through partnerships with leading industry specialists in tax consultancy and data provision, Ellis Financial’s solutions, integrate the latest tax rules and financial data feeds to provide accurate, fast and scalable tax calculation and reporting solutions that cover multiple jurisdictions.

Leading domestic and international banks and other institutions dealing in complex international investment management and related tax modelling, calculation and reporting recognise that Ellis’ software gives them a competitive edge.

For further information visit or contact:

David Kelly. CEO, Ellis Financial Systems
Tel: +44 (0)207 420 9931

Jacqui Green, JGMPR
Tel: +44 020 7808 0113

This press release was distributed by ResponseSource Press Release Wire on behalf of JGMPR LTD in the following categories: Personal Finance, Business & Finance, for more information visit