HMRC launches new tax crackdown - Money - News - Moneyfacts

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HMRC launches new tax crackdown

HMRC launches new tax crackdown

Category: Money

Updated: 31/10/2011
First Published: 31/10/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Wealthy tax cheats are to be targeted by a new division of investigators that has been established by HM Revenue & Customs (HMRC).

One set of individuals who are to fall under the gaze of the new unit of tax inspectors will be people with homes abroad.

It is believed many are not declaring rental income or will be unable to explain how they can afford such a home.

People with a high net worth of more than £20 million who are suspected of not detailing their full tax affairs are also to be targeted.

The project is the first to be undertaken by the unit, which will include a 200-strong team of investigators and specialists.

It is hoped that the team will be able to claw back some £500 million in taxes over the next three years.

"The Government is committed to tackling tax evasion and avoidance across all areas of the economy," Exchequer Secretary to the Treasury, David Gauke, said.

"That is why we allocated HMRC £917 million to reduce the tax gap over the next four years in the last Spending Review. This new team is part of that investment.

"With HMRC's increased capability and expertise, and its increasing success in tackling evasion both at home and offshore, the message is clear: there is no hiding place for tax cheats."

This project is the latest in a line of investigations by the HMRC to snuff out tax cheats.

It recently contacted Britons with bank accounts in Switzerland about their tax returns and has also targeted professionals such as engineers, doctors and dentists who are suspected of hiding some of their taxable income.

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