HMRC has announced that it will shortly be writing to HSBC Geneva offshore account holders who have not yet come forward to put their affairs in order or who are not currently under investigation.

Paul Roberts, Head of Tax Investigations at Grant Thornton said: “Today’s announcement follows HMRC’s first wave of challenges to HSBC customers which have led to criminal and serious fraud investigations into more than 500 individuals and organisations.

“This is a clear message from HMRC that taxpayers who do not put their affairs in order will face an investigation resulting in penalties of up to 200% of the additional tax due or a criminal investigation.

“If you are concerned you may be affected, speak to a professional adviser immediately and they will be able to advise you of your options.”

Taxpayers who chose to regularise their affairs with HMRC, be it via Code of Practice 9 (COP9) or the Liechtenstein Disclosure Facility (LDF), can receive immunity from prosecution for tax related offences as well as securing a greater ability to mitigate penalties.

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