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HMRC Targets HSBC Swiss Offshore Bank Account Holders

We understand that HMRC has gained access to account details for 15,000 HSBC account holders with offshore bank accounts with HMRC in Switzerland. The data was stolen from HSBC by an employee who passed it on to the tax authorities. HMRC are believed to be in the process of issuing enquiry notices to a significant number of UK individuals with such accounts. If you have an HSBC Swiss account find advice on what to do if you receive notice of such an enquiry by clicking in the link above.

We understand that HMRC has gained access to account details for 15,000 HSBC account holders with offshore bank accounts with HSBC in Switzerland. The data was stolen from HSBC by an employee who passed it on to the tax authorities.

The number of wealthy UK individuals appearing in the data is thought to number in the hundreds, and it is our understanding that HMRC has already compared the data with tax returns, disclosures made as part of the New Disclosure Opportunity and ongoing enquiries and has identified a significant number of individuals who have thus far failed to notify the presence of an HSBC Swiss account to HMRC.

HMRC are likely to consider prosecution in the most serious cases, and are believed to already be in the process of launching enquiries under Code of Practice 9 into the individuals it will seek a civil settlement from. It is our understanding that HMRC will be opening over a hundred Code of Practice 9 Civil Investigation of Fraud enquiries based upon the HSBC data.

The Code of Practice 9 Civil Investigation of Fraud procedure governs cases where HMRC suspects serious Fraud and can be a complex and difficult process, and we would recommend that you seek expert advice if you receive a letter from HMRC stating that they are commencing such an enquiry. Mazars Tax Risk and Investigation Management Team includes former HM Revenue & Customs investigators with extensive experience of the Civil Investigation of Fraud procedure in both HM Revenue & Customs and also private practice, and we have an excellent track record of getting good results for clients who have been investigated under Code of Practice 9. We can also provide support for enquiries being conducted by HMRC’s Criminal Investigations team. Please contact us for a no obligation discussion if you receive a Code of Practice 9 enquiry letter or notice of criminal investigation to assess whether we can support you.

Jon Claypole (Partner) can be contacted on 07799 033089 or jon.clapole@mazars.co.uk and Stephen Outhwaite (Senior Manager) can be contacted on 07794 031401 or stephen.outhwaite@mazars.co.uk.

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