HMRC to target Swiss bank accounts

Date: 13th October 2011

Taxpayers across the UK will be targeted by HM Revenue & Customs (HMRC) over the coming weeks if they are operating Swiss bank accounts.

The department has announced that it will soon be writing to UK residents holding such accounts in order to make sure that tax is being paid.

It comes after HMRC obtained information last year that more than 6,000 accounts are held by British parties at HSBC Geneva.

Dave Hartnett, HMRC's permanent secretary for tax, said: "This is not an amnesty. There are no special rates of penalty or interest for those who come forward voluntarily. This is an opportunity for those who have made errors in past returns to correct them.
"The net is closing on offshore evaders. Don't wait for HMRC to contact you. Come forward to us and make a full disclosure."

It comes after HMRC signed a new tax agreement with Switzerland, which is set to raise billions of pounds for the UK from 2013 onwards.

Posted by Jacob Williams