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7 Nov 2014 07:09am

Large businesses under HMRC enquiry

HMRC is looking into the tax affairs of two thirds of 800 largest companies in the UK

According to Jennie Grainger, director general of enforcement and compliance at HMRC, 528 as yet unnamed companies, including a number of multinationals, are “under enquiry” after HMRC identified instances of possible tax avoidance and non-payment of taxes.

She told the audience at HMRC’s stakeholder conference yesterday  that although the number of large businesses being investigated was high, it did not mean that most of them were “on the make”.

“But it does highlight both the complexity of the international tax system in which they operate and our need to be very actively scrutinising how they negotiate their way through the system,” she said.

HMRC’s large business strategy has generated £31bn in additional revenue over the last four years, Grainger added.

Large businesses currently account for a quarter of the £34bn estimated tax gap and contribute 60% of UK tax receipts

Julia Irvine

 

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