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18 December 2012
Failure to disclose could lead to 150% penalty
The Revenue is writing in the days leading to Christmas to UK holders of bank accounts in Switzerland. They are being warned that failure to disclose full details of their income could lead to penalties of up to 150% of taxes owed.
This is the third and final tranche of letters to taxpayers who have been found to have Swiss accounts.
The UK/Swiss tax agreement will into force on 1 January, after which accounts held by individual UK taxpayers in the alpine country will be subject to a one-off deduction, as long as the account was open on 31 December 2010 and is open on 31 May 2013, unless the account holder instructs the bank to disclose details of the account to HMRC.
