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
Irish government set to outline banking changes
Last year saw the collapse of the Irish property market which led to weakness in the Irish financial sector and the eventual bailout of many banks in the Republic of Ireland. The National Asset Management Agency was set up to manage assets held by Irish financial institutions and the government took more of a hands-on approach with regards to the banking sector and financial services. So what is t...
Read MoreIrish authorities looking to wind down Anglo-Irish bank
Irish finance Minister Brian Lenihan is this week expected to put forward a plan to the European Union for a ten-year wind down of troubled financial operation Anglo-Irish bank. This is the bank which was effectively bailed out by Irish taxpayers and has so far cost the Irish population around €25 billion. However, the government believes that now is the time to effectively disband the bank...
Read MoreIs Debt Counselling The Final Option?
As the UK debt mountain continues to rise, more and more people are on the verge of serious financial trouble. Bankruptcies are on the up and credit card companies are starting to squeeze many of their clients for early repayment of debts at a time when they can ill afford extra outlay. Debt counselling is very much back in the frame, but is it really a last resort?
Many people fa...
Bank accounts set to take a battering
Current accounts across the UK are set to be lower than ever over the coming week as people splash out on the festive period.According to new research from Sainsbury's Bank, Britons' bank accounts are set to bear the brunt of last-minute shopping and Christmas celebrations, with ATMs doling out a massive £10 billion across the country over the course of December.Commenting on this huge amount, Al...
Read MoreWhen did you last complain about your bank?
Even though the UK financial sector touches all areas of our lives, it seems that very few people in the UK have actually followed through with their complaints regarding financial investment, financial services and the financial sector as a whole. Recent figures from the Financial Services Authority (FSA) show that while having record complaints passed to the regulator, more and more people are h...
Read More