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February 14, 2014

HMRC Send Letters to Swiss Bank Account Holders

See our Spring 2014 Tax Update for more recent cases.

The Options & Deadline Imposed by HMRC

HMRC have sent letters to approximately 5,000 UK taxpayers with Swiss bank accounts, requesting a response by 28 February 2014.

More letters are expected to be sent in the coming months.

Those that do not respond by the deadline risk a full tax enquiry.

This includes even those that have no UK tax to pay or have previously declared the income to HMRC.

Taxpayers in receipt of these letters are offered three alternatives which must be confirmed by signing one of three enclosed certificates:

  1. to confirm that they have no outstanding tax to pay in relation to their Swiss bank accounts;
  2. that they have used, or intend to use the Liechtenstein Disclosure Facility (LDF); or
  3. that they have outstanding liabilities and will not be using the LDF.

More letters are expected to be sent to Swiss bank account holders over the coming months, so if you have a Swiss bank account that hasn't been declared to HMRC we recommend that tax advice is obtained now rather than waiting until a letter arrives from HMRC.

How We Can Help You

We pride ourselves on our problem solving skills and have extensive experience of assisting clients with HMRC enquiries, disclosures under the LDF and advice in relation to the UK-Swiss Tax Treaty.

See a recent case study and testimonial regarding the disclosure of a Swiss bank account to HMRC.

If you have received a letter regarding a Swiss bank account from HMRC and need to respond by 28 February 2014 or have other income/gains to disclose, please contact us on 0113 887 8432.

See our Spring 2014 Tax Update for more recent cases.

Contact us today to discuss your tax requirements.
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