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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.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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