Round 2! HMRC warns Swiss account holders

Swiss Flag

The UK/Swiss tax cooperation has yet to raise the projected £3.2 billion from tax dodgers, but they’ve yet to give up, sending a second wave of strongly worded letters to those who may be impacted by the agreement’s call for greater transparency.

Although the letters are reported to threaten a detailed tax, “or in some cases” a criminal investigation by HMRC if recipients fail to reply, how seriously are account holders going to take this?

As of October 2013, only £782 million of the projected £3.2 billion had been accrued by HMRC. Whilst tax assurance commissioner Edward Troup blamed this on Swiss banks’ ingrained culture of secrecy, perhaps it’s time HMRC takes a harder line – there’s still a lot more cash out there, apparently