With the Government keen to raise revenues in order to relieve financial pressures, the focus on tax collection has increased. HMRC is using disclosure facilities (such as the Liechtenstein Disclosure Facility) and increasing the use of its most powerful enquiry weapon, the Code of Practice 9 (COP9), where serious tax fraud is suspected. HMRC has heightened penalties and introduced the concept of naming and shaming for deliberate defaulters. HMRC is also continuing to target specific trades and professions, (campaigns) and undertake enhanced compliance activity in certain sectors (task forces).
Anyone with a bank account in Switzerland will need to take action as the UK Swiss Agreement entered into force on 1 January 2013.