HMRC has made an agreement with the Swiss tax authorities with a view to ensuring that residents in the UK with funds invested in undisclosed Swiss bank accounts pay tax on those funds in the UK.
HMRC have already written to many UK residents who hold Swiss bank accounts. The letter asks you to confirm that you have nothing to disclose or asks that you confirm that you intend to make a disclosure of unpaid taxes to HMRC. If you have received one of these letters you should seek advice straight away – call KinsellaTax and speak to one of our specialist advisors on 0800 471 4546.
If you think you may have unpaid tax in relation to Swiss assets, you should consider making a disclosure to HMRC.
Depending on your circumstances the follwing options may be available to you: