View the article online at http://citywire.co.uk/new-model-adviser/article/a639362
HMRC to track consumers' spending against income
by Michelle Abrego on Dec 03, 2012 at 11:03
HM Revenue & Customs (HMRC) is to hire credit agencies to cross-check the incomes people declare against their spending patterns to identify tax avoidance, according to reports.
The Daily Telegraph reported credit agencies would be able to identify ‘high ‘ and ‘medium’ risks of both illegal and legal tax avoidance, which would be passed on to the HM Revenue and Customs for more detailed investigations.
Around two million people are expected to be probed under the programme, who are likely to be self-employed individuals who have under-declared their income to authorities, said the paper.
It said individuals who have benefited from inheritance or bonuses and people with secret offshore accounts could be caught out by the checks.
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by New Model Adviser team on Apr 24, 2014 at 16:06