TaxPersonal TaxSwiss to hand HMRC tax ‘hit list’

Swiss to hand HMRC tax ‘hit list’

A list of the top ten nations UK holders of Swiss bank accounts move money to is to be passed to HMRC

Swiss to hand HMRC tax ‘hit list’

THE SWISS GOVERNMENT is poised to pass HMRC a “hit list” of ten nations where holders of Swiss bank accounts siphon their money to.

Under the terms of the tax agreement between the two countries, Swiss banks will inform HMRC by 31 May of the top ten destinations to which money removed from suspect bank accounts in Switzerland has been sent.

HMRC is expected to use the list provided by the Swiss Government to help them plan, with “pinpoint accuracy”, their next moves against UK taxpayers who are evading tax due on money they have sent to overseas tax havens.

In addition, the treaty also requires the Swiss authorities to inform the UK of how many UK nationals have moved their money from a Swiss bank account to each of the listed countries.

Pinsent Masons head of tax Jason Collins said: “This is another tightening of the noose on tax evaders. HMRC is aware that money that could have been regularised under the UK/Swiss treaty has been flooding out of Switzerland instead – and they are determined to track that money down.”

“This Swiss/UK treaty has already dramatically increased the amount of information that HMRC has on possible tax evaders. The hit list of top ten countries will be another key piece of the jigsaw. HMRC will now know exactly where to focus its efforts.”

An HMRC spokesman said: “The Exchequer has already received £800m that it wouldn’t have without the agreement. As the OBR forecast shows, there is more expected to come.”

Related Articles

HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

4d Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

3m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

3m Emma Smith, Managing Editor
Finance Bill 2017: Corporate tax reporting requirements 'a burden'

Business Regulation Finance Bill 2017: Corporate tax reporting requirements 'a burden'

10m Stephanie Wix, Writer
PAC raises “serious concerns” about HMRC’s digital plans

Corporate Tax PAC raises “serious concerns” about HMRC’s digital plans

10m Stephanie Wix, Writer
HMRC collects record £5bn in inheritance tax

HMRC HMRC collects record £5bn in inheritance tax

4m Emma Smith, Managing Editor
The top three issues that the next government must address for accountants

Making Tax Digital The top three issues that the next government must address for accountants

4m Emma Smith, Managing Editor
HMRC cuts over 150 offices to reduce running costs

Corporate Tax HMRC cuts over 150 offices to reduce running costs

9m Stephanie Wix, Writer