Switzerland has become the latest “tax haven” to sign an information exchange agreement with the UK. This follows the signing of a similar agreement between the Swiss and the French recently. Within days of that agreement the French had already obtained a list of 3,000 citizens holding about €3bn in Swiss bank accounts; which they suspect has not been declared. That follows hot on the heels of a landmark agreement between Switzerland and the USA; which gave details of 4,450 Americans holding offshore accounts via UBS. HMRC is currently trying to obtain information about offshore bank accounts from 308 UK financial institutions.
What does this mean for me?
The days of UK citizens being able to hide money from the taxman in offshore accounts is rapidly drawing to a close. If you have money offshore and are worried about the taxman you may want to take advantage of the New Disclosure Opportunity or the Liechtenstein Disclosure Initiative. The process is straightforward in simple cases. But there are many pitfalls for the unwary or those with more complex tax affairs. Badly managed Disclosures can have the reverse effect; leading to higher penalties and even prosecution.
Lynam Tax Enquiry Experts have substantial experience of the first Tax Amnesty (Offshore Disclosure Facility) and are already helping a number of taxpayers and their agents with the New Disclosure Opportunity.
For a confidential and sympathetic discussion phone our specialists now. The initial consultation is free and without obligation. Call Paul Lynam today on 0845 643 9997