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View the article online at http://citywire.co.uk/wealth-manager/article/a741512

Budget 2014: HMRC extends anti-avoidance drive

by Elsa Buchanan on Mar 19, 2014 at 14:53

The Budget also set out an increase in tax credit debt recovery rates for the ‘highest earners in the tax credit system’.

‘This means that households with higher incomes and smaller tax credit awards will repay their debts earlier,’ the budget reads.

This will apply to debtors who owe over £1,000 of tax or tax credit debts, while a minimum of £5,000 will be left across their accounts.

‘This brings the UK in line with many other tax authorities which already have the power to recover debts directly from an individual’s account, such as France and the US,’ the budget said.

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