Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Autumn Statement: HMRC steps up tax clampdown by targeting £1m club

Autumn Statement: HMRC steps up tax clampdown by targeting £1m club

The Treasury has announced plans to target the tax affairs of high net worth individuals by extending its remit to taxpayers with £1 million in assets.

With personal tax avoidance and evasion high up on the government's agenda as it seeks to improve public finances, the Treasury announced plans to extend the remit of HMRC's Affluent Unit to target taxpayers with a net worth of £1 million as part of this year's Autumn Statement.

The government is also increasing its specialist resources to tackle offshore evasion and avoidance of inheritance tax, and is increasing HMRC’s resources to tackle offshore evasion and avoidance of inheritance tax using offshore trusts, bank accounts and other entities.

Chancellor George Osborne also said we should expect to raise £5 billion over the next 6 years from undisclosed bank accounts in Switzerland belonging to UK residents.

In addition to a one-off levy relating to past tax evasion, the agreement provides for a withholding tax on future investment income and gains arising in Switzerland.

The Autumn Statement claims this development will represent one of the largest tax evasion settlements in UK history, marking a significant step forward in the battle against those seeking to evade UK tax. 

The moves will sit alongside the General Anti-Abuse Rule which was announced in last year's budget.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter