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HMRC claws 360% more from high net worth individuals
HM Revenue & Customs (HMRC) has seen a 360 per cent increase in tax from investigations into the UK's wealthiest residents over the past five years, a Freedom of Information request has found.
The tax authority clawed back £373 million in the 2008/09 tax year, compared with just £81 million in 2004/05 after targeting a number of foreign bankers and high net worth taxpayers, law firm McGrigors revealed recently.
Phil Berwick, director of tax investigations at McGrigors, said that the increase in yields reflect the increasing difficulty of complying with tax rules for UK residents.
"HMRC has been aggressively targeting tax avoidance schemes used by wealthy taxpayers over the last few years," he added.
"Also, planning structures which were valid when established may no longer be compliant."
In other news, HMRC recently announced that it will sponsor The Business Inspector, a four-part series to be broadcast on Five that aims to encourages businesses to take better care of their paperwork.
Posted by Susie Cho.
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