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HMRC crackdown on Swiss accounts

You will have read in the press recently that HMRC supposedly holds details of 6,000 UK holders of Swiss accounts with HSBC.

Although the accuracy of that figure is questionable what is clear is that HMRC holds information about account holders with other Swiss banks.

Letters have now been issued by HMRC to UK accountants and their clients warning that the tax authority is aware of Swiss assets and urging them to make a disclosure if appropriate.

For many of those affected the best way to resolve matters will be to use the Liechtenstein Disclosure Facility (LDF) as a means to minimise both the tax liability and the disruption.

Over the last 2 years our preferred tax specialists have helped a large number of taxpayers use LDF successfully.

They also provide the facility of meeting prospective clients on a no names basis so they can make a decision in a safe environment on whether LDF is the right option for them.

Time is of the essence for those who are now receiving letters as there is real potential for a Code of Practice 9 investigation to be opened if there is no response to the warning letter from HMRC; this prevents the LDF being used.

Please get in contact as soon as possible if this is likely to affect you.

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