Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a651442

HMRC doubles team to tackle wealthy tax avoiders

by Michelle Abrego on Jan 16, 2013 at 15:58

HMRC doubles team to tackle wealthy tax avoiders

HM Revenue & Customs (HMRC) is set to double the tax team dedicated to catching wealthy tax avoiders as it widens the scope of affluent taxpayers it monitors.

The affluent compliance team is set to recruit 100 additional inspectors as the unit's workload expands, said HMRC.

The team will monitor individuals with an annual income of more than £150,000 and wealth between £1 million and £20 million.

This will bring more taxpayers under its supervision as it used to cover wealth of £2.5 million to £20 million.

By the end of December 2012 the unit had brought in an extra £75 million in tax and is targeting £586 million by the end of 2015. 

Exchequer secretary to the Treasury David Gauke said: 'The vast majority of people pay their way. Dodging tax is immoral, illegal and unaffordable and the minority who cheat are increasingly finding that, thanks to the work of the affluent team, they have made a big mistake.'

HMRC is looking for people with external, recent corporate or commercial experience with the appropriate qualifications for inspector and lead case director roles, it said.

4 comments so far. Why not have your say?

levelplayingfield?

Jan 16, 2013 at 17:44

Quite right that all these tax 'cheats' are being brought to book. HMRC trying every trick in the book to avoid paying out refunds to taxpayers claiming reliefs that Parliament passed into the tax statute because cashflow is currently tight is morally indefensible.

We still await a definition of the 'right about of tax' from Margaret Hodge MP that will guide taxpayers and there advisors.

report this

levelplayingfield?

Jan 16, 2013 at 17:45

'Right amount of tax' of course!

report this

Richard Hardy

Jan 17, 2013 at 08:31

HMRC need to take a look across the Channel as to what may happen. Those with money can and will move away.

If the Government stopped wasting taxpayers money then we may find higher earners more inclined to pay their 'fair share' of tax.

report this

Usually found sitting on the fence

Jan 17, 2013 at 10:08

@ Richard Hardy - While this may seem short sighted, let them move away. I believe that it would be like any blight on society, someone else will come along to fill the gap. The key is in ensuring that the departing wealthy are not able to continue taking the wealth from afar... and tax free. Which means the system needs an overhaul and all incomes/returns need to be taxed at source, regardless of to who or where they are being paid

I totally agree with your point about the Government needs to stop wasting taxpayers money. They also need to ensure that all corporates are taxed accordingly and the tax monies collected. They need to simplify the system and they themselves need to be cleaner than clean (how many MPs have been the beneficiary of a loophole ridden tax system?).

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy


Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.


Read more...

Adviser Workshop: How to implement a fixed-fee model

by Jun Merrett on Jul 22, 2014 at 14:38

Sorry, this link is not
quite ready yet