HSBC Switzerland data used in Criminal Court

HMRC announced on Friday 5 July that a UK property developer had pleaded guilty to tax evasion and had been ordered to pay £830,000 plus costs.

This is a significant milestone as it is the first time that the data stolen from HSBC has been used in court and follows speculation as to whether such data would be admissible.

Now that HMRC have successfully used this data in court there is a significantly increased risk that other HSBC account holders who are believed to have deliberated evaded tax may face a criminal investigation and possible prosecution.

UK resident individuals with undisclosed overseas assets who are concerned their tax affairs may not be in order should seek specialist advice without delay. 

The Liechtenstein Disclosure Facility (LDF) provides individuals with offshore assets with the opportunity to regularise the past and seek immunity from prosecution. There does not need to be a historical connection with Liechtenstein and in most cases the tax liabilities do not go back further than 6 April 1999. Furthermore, the penalty payable on any tax due is normally 10%.

The tax investigations team at Gabelle specialise in making voluntary disclosures to HMRC and have a detailed knowledge and understanding of the LDF process and it's benefits. For further information on utilising the LDF and how it can be beneficial please contact TaxDesk on 0845 4900 509 and ask for John Hood or Noel Hankinson.