Monday, 22 April 2013 12:55
HMRC collects extra £220m from wealthiest taxpayers
HM Revenue and Customs brought in £220m from the wealthiest taxpayers last year as a result of enquiries into tax returns.
HMRC's high net worth unit, which deals with the affairs of 5,800 people with assets in excess of £20m, saw the amount increase from £200m in 2011/12.
Over the past four years some £665m has been collected from the UK's richest taxpayers in additional tax.
The unit, which was established in 2009, employs 380 staff across eight regional locations and examines potentially inaccurate tax returns.
If an tax return is found to be inaccurate, the taxpayer must pay the tax due and if it is deliberate then they must also pay interest and a penalty.
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Head of the unit Martin Randall said: "The tax affairs of the richest people in the country can be complex as they have large tax bills, and that's why we've focused resources on getting their tax right. The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don't."
Exchequer Secretary to the Treasury David Gauke said: "HMRC's high net worth unit provides the specialist they require in ensuring the wealthy pay the tax they owe. This Government has reinvested almost £1bn in HMRC and expects them to deliver almost £22bn in 2014/15."
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HMRC's high net worth unit, which deals with the affairs of 5,800 people with assets in excess of £20m, saw the amount increase from £200m in 2011/12.
Over the past four years some £665m has been collected from the UK's richest taxpayers in additional tax.
The unit, which was established in 2009, employs 380 staff across eight regional locations and examines potentially inaccurate tax returns.
If an tax return is found to be inaccurate, the taxpayer must pay the tax due and if it is deliberate then they must also pay interest and a penalty.
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Head of the unit Martin Randall said: "The tax affairs of the richest people in the country can be complex as they have large tax bills, and that's why we've focused resources on getting their tax right. The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don't."
Exchequer Secretary to the Treasury David Gauke said: "HMRC's high net worth unit provides the specialist they require in ensuring the wealthy pay the tax they owe. This Government has reinvested almost £1bn in HMRC and expects them to deliver almost £22bn in 2014/15."
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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