Introduction »

Swiss bank accounts targeted

HMRC will be writing to UK residents and organisations holding Swiss bank accounts with the HSBC bank in Geneva who may not have reported all of their income and gains.

This is as a result of information received last year under a tax treaty which revealed that over 6,000 individuals, companies, trusts and other bodies held accounts and investments with HSBC in Geneva.

The move is part of a wider attack on Swiss accounts which includes a new agreement, struck between HMRC and the Swiss authorities, under which funds of UK taxpayers in Switzerland will face a one-off deduction of between 19% and 34% to settle past tax liabilities.

Furthermore, from 2013, a new withholding tax of 48% on investment income and 27% on gains will apply to those who have not previously told HMRC about their Swiss assets. The new charges will not be levied if instead the taxpayer authorises a full disclosure of their tax affairs to HMRC.

If you do receive any contact from HMRC directly please get in touch with us as soon as possible. In addition, the Swiss deal does not necessarily sort out past arrears of tax. That requires a full voluntary disclosure to HMRC but there may be more effective ways of resolving past arrears, so please talk to us if you feel this is an area that may impact on you.

Introduction »