UK chases 6,000 in HSBC tax crackdown
Source: Agencies |
October 14, 2011, Friday
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Print Edition
Print Edition
THE UK tax authorities are contacting 6,000 holders of accounts with HSBC's Swiss bank to ask whether they have declared all income and gains to the taxman, offering a final opportunity to straighten out their affairs.
The office said it was "acting on information received last year under a tax treaty."
However, the original source of the data is a haul of up to 24,000 Swiss client accounts stolen from HSBC by a former information technology employee, according to a source in the tax office.
The office has already started criminal and serious fraud investigations into more than 500 people and organizations, it said yesterday, and will shortly contact the rest. "They will be offered a window of opportunity to contact us and disclose all their tax liabilities," the body said.
The source at the office said account holders will have 30 days to respond after being contacted - those that do not will be investigated and could incur penalties of up to twice the tax liability.
Switzerland's coveted banking secrecy has come under increasing pressure as tax authorities in the US, neighboring European countries and now the UK step up action against those hiding income abroad.
The tax office source said the investigation was limited to people, companies and trusts holding accounts and did not extend to an investigation of the bank itself.
An HSBC spokeswoman said: "HSBC does not condone tax evasion, and clients are responsible for their own tax affairs."
Earlier this year, the UK government made extra funds available to pursue tax evaders.
In August, Switzerland and the UK struck a deal to tax money kept by British residents in Swiss accounts.
The office said it was "acting on information received last year under a tax treaty."
However, the original source of the data is a haul of up to 24,000 Swiss client accounts stolen from HSBC by a former information technology employee, according to a source in the tax office.
The office has already started criminal and serious fraud investigations into more than 500 people and organizations, it said yesterday, and will shortly contact the rest. "They will be offered a window of opportunity to contact us and disclose all their tax liabilities," the body said.
The source at the office said account holders will have 30 days to respond after being contacted - those that do not will be investigated and could incur penalties of up to twice the tax liability.
Switzerland's coveted banking secrecy has come under increasing pressure as tax authorities in the US, neighboring European countries and now the UK step up action against those hiding income abroad.
The tax office source said the investigation was limited to people, companies and trusts holding accounts and did not extend to an investigation of the bank itself.
An HSBC spokeswoman said: "HSBC does not condone tax evasion, and clients are responsible for their own tax affairs."
Earlier this year, the UK government made extra funds available to pursue tax evaders.
In August, Switzerland and the UK struck a deal to tax money kept by British residents in Swiss accounts.
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