UK authorities target Swiss account holders
HM Revenue and Customs has begun writing to taxpayers in the UK with bank accounts in Switzerland after receipt of a list of high net worth individuals with accounts at the Swiss division of HSBC. It is believed that the list was originally stolen by an employee of HSBC and passed to the French authorities who have subsequently forwarded a copy to the UK authorities.
While there is no indication or insinuation that HSBC has in any way acted inappropriately it is the very existence of Swiss bank accounts which has caught the eye of HM Revenue and Customs. It is believed that tax evasion and tax avoidance costs the UK government in excess of £10 billion a year and the authorities are very keen to close any potential loopholes.
It is believed that the very fact that the government is aware of Swiss bank accounts in the name of UK taxpayers will be enough to "put pressure" on those who may well be inadvertently shielding some of their assets from the UK authorities. Slowly but surely the UK government, along with other major governments around the world, is beginning to open up various tax havens around the globe.
Share this..
Related stories
Alistair Darling calls for multilateral reform of the financial sector
Alistair Darling has been speaking at the World Economic Forum in Davos today during which he urged countries around the world to pull together and reduce the influence of the financial sector as a whole. However, unlike some government around the world he has reiterated the UK stance which is against the breaking up of banks into separate entities such as investment banking and traditional bankin...
Read MoreHBOS customers reassured over rumours
Consumers who bank with HBOS have nothing to fear from market rumours that the bank is set to collapse, a price comparison site has said. The rumours are believed to have been initially circulated by City traders attempting to profit from the resulting drop in the lender's share prices. According to Kevin Mountford, head of savings at price comparison site moneysupermarket.com, talk of an HBOS is...
Read MoreWhat does this mean for Bradford and Bingley savers?
As with the demise of any bank operation there is always some concern from account holders as to the security of their money. However, the Treasury has stepped forward at a very early stage to confirm that no account savers will lose out and their funds will be transferred to a much stronger parent company in due course. So what do that mean in practice?
While the small print has...
Will we see more mergers in the financial sector?
While the financial sector has been the main recipient of various mergers and takeovers during the last few months there is a feeling that we may well see further mergers and acquisitions in 2009. Many people believe that 2008 saw the top of the mergers and acquisitions market as a means of ensuring the smooth running of the financial markets at a time when liquidity and capital assets were under...
Read MoreIs Virgin Money out of the running in the RBS branch sale?
Unofficial sources have claimed that Virgin Money has been dropped from the final three bidders in the ongoing Royal Bank of Scotland branch sale. It is believed that Santander, BBVA and National Australia Bank are the three remaining companies in the running with Virgin Money apparently dropping out due to the level of the company's bid. This would be a bitter blow for Richard Branson and the...
Read More