Posted by Nick Day on 09 Nov 2012

HMRC Holds HSBC Jersey Bank Accounts List

Breaking news reported in the Daily Telegraph suggests that a list of over 4,300 people residing in the UK holding almost £700M in HSBC offshore accounts has been provided to HM Revenue & Customs (HMRC). The list, apparently furnished by a “whistle blower”, is said to include the names, addresses and account balances of every UK client with such an account.

The list, apparently furnished by a “whistleblower”, is said to include the names, addresses and account balances of every UK client with such an account.

According to the Daily Telegraph report the average account balance held with HSBC is £337,000 but some clients have account balances of several millions. The full Daily Telegraph report can be viewed at this link.

Offshore Accounts

Many people with such offshore accounts report the income/gains received on their UK Tax Returns, whilst non-domiciled individuals may not be taxable on the income/gains depending on whether they remit the funds to the UK.

If you have an account that has produced income/gains and has not previously been reported to HMRC you need to consider your options and choose the most tax-efficient route of disclosing to the tax office.

Liechtenstein Disclosure Facility

One option is to make an unprompted voluntary disclosure to reduce the risk of prosecution and penalties, but you also might be able to benefit from using the Liechtenstein Disclosure Facility (LDF) depending on your circumstances, which could mitigate your tax and penalty exposure considerably. Please see the link below to our recent article commenting on the LDF.

We have the experience to guide you through the disclosure minefield and handle necessary negotiations directly with HMRC on your behalf.

Contact us

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or


See also…

Offshore Tax Evasion: An HMRC Briefing

Update on HMRC Offshore Disclosure Facilities

UK and Isle of Man agree to share offshore bank account information

Tax Havens and Information Sharing

Swiss Assets and Accounts – HMRC Letters

Liechtenstein Disclosure Facility Versus UK-Swiss Tax Agreement

UK: Swiss Tax Changes

Swiss Tax Deal Shows there is no Substitute for Good Advice

Failing to Disclose Offshore Accounts

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