HM Revenue & Customs is writing to over 6,000 more UK individuals, companies, trusts and other bodies holding HSBC accounts in Geneva who it suspects may not have reported all their income and gains to the authorities.
Date: Nov 7, 2011
HM Revenue & Customs (HMRC) is writing to over 6,000 more UK individuals, companies, trusts and other bodies holding HSBC accounts in Geneva who it suspects may not have reported all their income and gains to the authorities.
HMRC has already begun criminal and serious fraud investigations into more than 500 individuals and organisations holding these accounts, and many others have taken advantage of HMRC’s Liechtenstein Disclosure Facility (LDF).
The tax watchdog will write to those who have not yet come forward, or are not currently under investigation, offering them a window of opportunity to contact HMRC and disclose all their tax liabilities. If they do not come forward, HMRC will begin an investigation into their affairs, which could include a criminal investigation or result in penalties.
