HM Revenue & Customs (HMRC) has announced that it is to begin writing to UK residents and organisations that hold bank accounts with HSBC Geneva.
HMRC suspects the 6,000 individuals, companies, Trusts and other bodies involved may not have reported all of their income and gains, based on information it received last year. A window of opportunity is going to be offered for disclosures to be made, before investigations commence into those who do not come forward. This work will be led by HMRC’s new Offshore Co-ordination Unit, which is due to become operational at the end of this month.