Wednesday 5th December 2012
Commenting on the tax measures announced by the Chancellor today, Derek Scott, Director of tax investigations, at KPMG in the UK said:
“Anyone in the UK with a Swiss bank account needs to pay heed to the Chancellor’s words on the agreement the UK has signed with the Swiss government. The UK government is determined to collect the money it believes it is owed on unpaid tax from these accounts and it is clear there is nowhere to hide. The Chancellor expects to get £5 billion over 6 years from this agreement, most of it in the next year or two.
“In the past week or so, many account holders have received letters from their Swiss bankers telling them that they need to take some action otherwise the bank will take money from their account for the benefit of the UK . Doing nothing is not an option.
“Our helpline (0800 970 9690) has been noticeably busier in the last week as letters have landed on people’s doormats and we are set for a deluge of calls as a result of the Chancellor’s comments today as people seek advice on how to sort out their tax affairs.”
There is more information from KPMG on the UK / Swiss agreement and on personal tax investigations here
Follow us on twitter: @kpmguk #AS2012
For further information please contact:
KPMG Press office
Tel: +44 (0) 207 694 8773
Margot Cowhig, KPMG Corporate Communications
Mobile: 07920 274856: Email.address firstname.lastname@example.org
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.