UK clamps down on 6,000 Britons holding HSBC Swiss account
17 Oct 2011
The UK's revenue department has clamped down on 6,000 UK individuals, companies, trusts and other bodies holding Swiss bank accounts with HSBC for not declaring their income.
The department, known as Her Majesty's Revenue and Customs (HMRC), is a non-ministerial department of the UK Government responsible for the collection of taxes.
HMRC is acting on information received last year under a tax treaty, which revealed that more than 6,000 UK individuals, companies, trusts and other bodies held accounts and investments with HSBC Geneva.
According to several British media reports, HMRC obtained the information through an exchange agreement with the French government.
HMRC has already begun criminal and serious fraud investigations into more than 500 individuals and organisations holding these accounts and is now writing to others advising them to declare their tax liabilities.
They will be offered 30 days to disclose all their tax liabilities. If they do not come forward, HMRC said that it will launch an investigation, which could include a criminal investigation or result in penalties of up to 200 per cent.
