UK people with Swiss HSBC accounts must act quickly

HM Revenue & Customs (HMRC) has decided to write directly to UK individuals holding Swiss HSBC accounts. These letters will be received in the next week and give the recipient stark choices - either show you're UK tax compliant, or commit to making a full disclosure. People who don't reply will be considered for criminal prosecution.

These letters will specifically refer to the Swiss account, giving the name and number of the account. Clients and advisers who believe that all tax obligations have been met will need to carry out sufficient due diligence so as to confirm the position to HMRC.

If you want to make a disclosure in response to HMRC, the Liechtenstein Disclosure Facility (LDF) presents an opportunity to agree past liabilities through a streamlined process with a reduced penalty (normally 10%). Where LDF can't be used, there are other routes for making a disclosure to HMRC.

What is clear is that recipients of these letters, and their advisers, must act swiftly and with the utmost care.

If you would like to know more about this topic or have a client who needs help, please call 0800 328 8215 anytime or your regular PwC contact.