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17 Jul 2014 11:07am

HMRC wealth team brings in £1bn

HMRC’s specialist unit that deals with the tax affairs of the UK’s wealthiest individuals has yielded a record £1bn in compliance

The figure was revealed by David Gauke, newly-appointed financial secretary to the Treasury, today as he spoke at HMRC’s annual stakeholder conference.

The unit, which was set up in 2009, deals with the tax affairs of the UK’s 6,200 wealthiest individuals – those with a net worth of £20m or more.

Gauke said, “HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities.

"This approach is clearly working as HMRC’s High Net Worth Unit has delivered £1bn in compliance yield. This is against targets totaling £894m and is further evidence that the government’s investment of nearly £1bn in HMRC to tackle avoidance, evasion and fraud is paying off.”

It was also revealed today that HMRC has recovered £135m from clients named on a leaked list of HSBC's private banking operation in Switzerland.

Raymond Doherty

 

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