Listing of Jersey Accounts In Possession Of HM Revenue & Customs
The Inland Revenue has recently obtained particulars associated with a list of bank accounts belonging to UK residents who have an international account with HSBC in the island of Jersey. The list appears to have been handed to officials of HMRC by
Online, November 19, 2012 (Newswire.com) - HMRC has recently received details of a list of bank accounts belonging to UK residents who may have an overseas bank account with HSBC in Jersey. The list seems to have been handed to representatives of HM Revenue & Customs by a whistleblower.
A prominent periodical for accountants in Londonrevealed that the list consists of names, addresses, as well as account balances referring to approximately 4,000 British nationals with a total of approximately £700m in their overseas accounts. Average balance in the bank accounts is considered to be in the region of £336.000.
The existence of this particular list has been verified by a spokesman for the HMRC. If this is true, the likelihood is that HM Revenue & Customs is thinking about their next plan of action.
The news of the list will ask even more questions regarding HSBC and its types of procedures especially seeing that the bank is currently facing penalties of as much as 1.5 billion US$ due to breach of conduct of money laundering regulations in the US.
Although the tax payer has the ultimate responsibility for paying tax on their own earnings, financial institutions are required to report any type of dubious activities that indicate money laundering.
What if somebody has an undeclared offshore account that's likely to be on the list of HSBC Jersey accounts? The best way forward is to talk to a really good tax accountant who'll propose that they make disclosures to HMRC as quick as possible before they're contacted by HMRC representatives.
Certainly, there are numerous ways this can be accomplished so a tax accountant should suggest the best option. Nevertheless, the important thing is to make a disclosure before tax authorities launch their own enquiry. This is because HMRC can take legal action in the worst cases. However, the odds of being punished diminishes considerably when a full and accurate disclosure is made out of the tax payer's initiative and before representatives of HMRC instigate an admission.
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