The Swiss Federal Council has announced that an agreement has been signed with the UK in relation to the termination of the UK-Switzerland withholding tax agreement. The withholding tax agreement, which entered into force 1 January 2013, allows for the regularization of assets held in Switzerland by UK taxpayers and the taxation of income generated by these assets. However, with the entry into force of the agreement between Switzerland and the EU on the automatic exchange of information in tax matters on 1 January 2017, the withholding tax agreement is no longer needed and will be terminated on that date.