Did HSBC’s private bank help clients evade tax?

We comment via the UK200 Group on news that the BBC’s Panorama programme is claiming that HSBC’s private bank in Switzerland has helped clients to evade millions of pounds in tax, as well as offering deals to help tax dodgers stay ahead of the law.


‘HMRC commenced certain investigations into individuals shortly after receiving the stolen data way back in 2010, so it is incorrect to say that nothing has been done with the information. However as an adviser who has previously acted for a number of people caught up by this issue, a large proportion of the individuals were not domiciled in the UK and therefore the amount of tax at stake was either nil or very negligible; a far cry from the shouts of fraudulent activity.

Although this is still a timely reminder for any individuals who may owe tax due to monies held in any offshore bank in any jurisdiction to take advantage of one of HMRC’s disclosure facilities, which can guarantee immunity from prosecution and reduce the amount of penalties involved. I urge anybody who wishes to take advantage of the facility to move fast as time is approaching when the best deal HMRC has ever offered runs out.’


The article is also available on the UK200 Group website.

Geraint Jones

Partner, Private Client Tax

T +44 (0)20 8922 9354
E geraint.jones@bkl.co.uk

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