The taxman has stepped up the attack on offshore tax evasion by sending out hundreds of letters to those suspected of hiding money overseas; alleging serious tax fraud.
HMRC is known to have obtained details of offshore bank accounts held with HSBC Switzerland, by UK residents. The information has led to a major project by the elite Specialist Investigation section. Hundreds of cases have been registered under Code of Practice 9 (cases of suspected serious fraud). Most of the letters we have seen come from the Manchester team, based in Salford. Recipients are “invited” to attend an Opening Meeting and appoint a specialist adviser to help them make a Full Disclosure Report. COP9 comes with an immunity from criminal prosecution for those who comply and make a full disclosure. Partial or inaccurate disclosures can lead to very high penalties and even prosecution.
HM Revenue & Customs said the letters are “part of our drive against offshore tax evasion.”
Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with COP 9 cases and the current tax amnesty.
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