HMRC Enquiries Expected to Reach 400PrintPdfClose »

11/11/2011

Following the closure of the recent disclosure window for taxpayers to come forward with details of previously undisclosed Swiss bank accounts, HM Revenue and Customs (HMRC) expect to open up to 400 tax enquiries into UK taxpayers who have Swiss accounts which they did not disclose.

Following a recent accord between Swiss banks and HMRC, the previously impenetrable Swiss banking secrecy was broken and the names of UK account holders revealed. In addition, a sum of £400 million has been paid by the Swiss to HMRC.

The accord is expected to lead to more than £5 billion in receipts.

A specialist team has been set up to open enquiries into the tax affairs of the owners of accounts which were not declared voluntarily.

Malcolm Emery

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