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's high net worth team bags extra £750m

Autumn Statement: HMRC's high net worth team bags extra £750m

HMRC's mission to crack down on tax avoidance has gathered an extra £750 million from Britain's wealthiest individuals, the government revealed in its Autumn Statement.

The extra £750 million has been gathered since 2010, which the government attributed to its investment in HMRC's high net worth unit over the period.

The figures formed part of the Autumn Statement, which also announced that 80% of avoidance cases heard in the courts are being won by HMRC, with around £1.7 billion in tax so far protected in 2013 alone. This includes over £1 billion by tackling large corporate tax avoidance schemes.

The government said disclosures of tax avoidance schemes fell by almost 50% between 2011-12 and 2012-13 and expects this number will continue to fall. Only 17 schemes were disclosed in the six months to
September 2013.

The government‘s annual tax on enveloped dwellings, aimed at clamping down on wealthy individuals who try to avoid tax by owning houses worth more than £2 million through companies, is also expected to raise £100 million in 2013-14, five times more than had been initially forecast.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter