HM Revenue & Customs has received data and has started to review the affairs of more than 4,000 people who hold offshore accounts with HSBC bank, for potential tax evasion and money laundering.
Around half of those people are thought to be UK taxpayers and the relevant bank accounts are said to be worth more than £700 million in total.
There have been various amnesties over the last few years for professions including doctors, dentists, plumbers and private tutors.
Penalties for offshore tax evasion can be as much as 200% of the tax owed and criminal prosecution is also a possibility although potential penalties may be mitigated by making use of voluntary disclosure facilities.
If you have a previously undeclared offshore bank account and would like further information or advice on this contact Lucy Metcalf on 01228 711888 firstname.lastname@example.org