News

HSBC Swiss Accounts - 2011-11-09

The UK tax authorities will soon issue up to 6,000 letters to customers who hold accounts with HSBC in Switzerland following information obtained through the French tax authorities.

The recipients, who could be individuals, companies or trusts, will be given thirty days to come forward or they will be subject to investigation, which could result in penalties of up to 150% of any tax evaded or could result in criminal conviction. HM Revenue & Customs (HMRC) says that more than 500 criminal and serious fraud investigations have already been opened based on the data obtained. 

No amnesty terms are being offered by HMRC; however, by coming forward sooner rather than later, it may be possible to negotiate better settlement terms with HMRC. 

Some HSBC customers who receive these letters may have perfectly legitimate reasons for not declaring their accounts to HMRC, for example if they are entitled to be taxed on the remittance basis.  Nevertheless, tax experts recommend that they should not ignore the letter and should contact HMRC immediately to clarify their circumstances and avoid a worrying investigation. 

Littlejohn has extensive experience in dealing with such HMRC investigations, and can offer:

1. an initial consultancy meeting with affected HSBC customers;
2. written advice following the initial meeting; and
3. further assistance to resolve the matter with HMRC in the most satisfactory manner possible.

For further details please contact senior tax manager Barry Luscombe on 020 7516 2204 or email bluscombe@littlejohnllp.com