Swiss disclosure

Swiss disclosure

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My client worked for a Swiss bank for several years and therefore has Swiss shares on which he has received dividends etc etc.

To the best of my knowledge, all has been reported on his returns over the years and he assures me he has no other secret accounts.

He has had a letter from HMRC asking him to sign a declaration that everything has been declared as they have "received details of his beneficial interest in Swiss assets or investments".

Is this a standard letter that everyone with Swiss income is getting, or should I be concerned that something may have been missed and he is getting special treatment from HMRC?  Is it usual for HMRC to write en masse to lots of taxpayers demanding further assurances?  I have not seen this before....

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By K81
24th Jan 2014 09:52

standard letter

I also have a client with Swiss investments that have been declared every year. They also received the same letter & assure me that all Swiss income has been declared.

 

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By Euan MacLennan
24th Jan 2014 10:43

If they are only asking ...

... and not demanding under any specified legislation, just don't oblige.

If they have got information on undisclosed income, they will start an enquiry into your client and if he swears blind in advance that he has no undisclosed Swiss income, they will increase the penalty to the "deliberate and concealed" level.

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By taxhound
24th Jan 2014 11:36

Hmmm

The letter says "you must reply no later than xxxx.  If you do not, we may start a detailed investigation bla bla bla".

Are they just fishing?  Or will we be in trouble if we ignore it?

 

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By taxhound
24th Jan 2014 12:52

I have spoken to the tax office that issued the letter

Everyone on the list from Switzerland got one.  No special treatment.  Despite the aggressive tone of the letter, the person I spoke to was talking in terms of "we would like taxpayers to sign this letter"

So I think I will (with client's agreement) write back and say he sees no need to sign the letter as he has already filed his tax returns but nothing untoward should be read into this.

Bxxxxxx HMRC

Now waiting for the other clients with Swiss income to get in touch.

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