Swiss bank accounts under scrutiny

Do you have a Swiss bank account? If you do then the UK tax authorities will be coming after you. HSBC Swiss account holders are currently being contacted, and they will have just 30 days to disclose their tax liabilities or face possible investigation. The HSBC account details were apparently provided by a disgruntled former employee, but it is a taste of HMRC’s approach ahead of the UK-Swiss tax agreement taking effect from 1 January 2013. One possible disclosure route is through the Liechtenstein Disclosure Facility, which is not restricted to Liechtenstein assets. Disclosure will avoid penalties of up to 200% and possible criminal prosecution.