News



23.9bn additional tax received due to HMRC crackdown on tax avoidance

30 - 05 - 2014

Due to the government’s crackdown on tax avoidance, an additional £23.9bn has been recorded.

HM Revenue and Customs (HMRC) reported that due to its investigations, they were able to recover the said amount of money; the highest amount since records began.

The amount collected was even £1bn more than what was expected by Chancellor George Osborne, beating all targets set.

The extra money raised is in addition to regular tax receipts.

HMRC credited “increased activity” on unpaid tax for the figure.

“HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due,” stated Treasury minister David Gauke.

“The government is determined to tackle the minority that seek to avoid paying the taxes they owe,” he added.

According to HMRC, of the money that was recorded more than £8bn came from large businesses, £1bn from criminals and £2.7bn from tackling avoidance schemes in courts.

Overall, HMRC has reported it expects to secure £100bn between May 2010 and March 2015 due to the investigations into those avoiding tax.

The recorded “tax gap” for 2011-2012 was 7%. This “tax gap” records the difference between the amount of tax due and the amount that was physically collected.



 

 

 

 

 

Foremans LLP Umberlla
Foremans LLP