HSBC Geneva account holders targeted by HMRC

Who is affected by this announcement?

HMRC is using the information obtained from the French tax authorities to target UK resident individuals, companies, trusts and other bodies with HSBC Geneva accounts.  Anyone who receives a letter concerning their overseas assets should seek specialist advice straightaway.

What does this mean for you and your clients?

HMRC is offering people it believes have undisclosed overseas assets the opportunity to come forward voluntarily or face a full investigation of their affairs.  In the worst cases, HMRC may decide to undertake a criminal investigation.

Experience has taught us that it is normally more beneficial for the client to consider utilising the Liechtenstein Disclosure Facility (LDF) to settle the tax, interest and penalty due.  The main benefits of the LDF are:

  • immunity from prosecution;
  • only pay tax for tax years commencing on or after 6 April 1999 for individuals and accounting periods commencing on or after 1 April 1999 for legal persons;
  • a 10% tax geared-penalty; and
  • a streamlined process for sorting out the past.

How can Gabelle help?

Gabelle specialises in advising and representing clients that are under investigation or wish to bring their tax affairs up to date.

Please contact John Hood on 020 7182 4747 or via email on john.hood@gabelletax.comfor a free confidential discussion.