Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

HMRC criticised over £10.2bn backlog of 41,000 avoidance cases

HMRC criticised over £10.2bn backlog of 41,000 avoidance cases

The National Audit Office (NAO) has criticised HM Revenue & Customs (HMRC) over a backlog of 41,000 avoidance cases it is investigating relating to £10.2 billion of tax.

The NAO said in a report on HMRC's efforts to tackle tax avoidance had not demonstrated how it would tackle this backlog, and that its tax avoidance disclosure regime was failing to curb the ‘persistent’ use of highly contrived schemes.

‘HMRC must push harder to find an effective way to tackle the promoters and users of the most aggressive tax avoidance schemes,’ said NAO head Amyas Morse.

‘Though its disclosure regime has helped to change the market, it has had little impact on the persistent use of highly contrived schemes which deprives the public purse of billions of pounds,’ he added.

‘It is inherently difficult to stop tax avoidance as it is not illegal. But HMRC needs to demonstrate how it is going to reduce the 41,000 avoidance cases it currently has open.’

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 Rathbones' Smith on China's economic hegemony ambitions

Rathbones' Smith on China's economic hegemony ambitions

Discussing China's saving problem, Ed Smith argues that if the country opens up there will be an outflow of capital.

Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Read More
Wealth Manager on Twitter