11 Nov 2014
HM Revenue & Customs (HMRC) have recovered more than 10% of the estimated debt owed to them by British taxpayers.
The ‘tax gap’ is the estimated balance that remains outstanding from HMRC’s expected income each year. Recent reports put this at a record £34 billion in the year to April 2013. Various avoidance schemes, evasion methods and criminal fraud have been cited as the reasons for such a high figure.
According to law firm Pinsent Masons, HMRC’s specialist investigation team recovered £3.65 billion in 2013/14 – their most successful year.
Paul Noble, Pinsent Masons’ Tax Director, said: ‘These figures should be a massive jolt to anyone with undisclosed or outstanding tax liabilities that have given them significant savings. HMRC has been recruiting and training heavily in order to increase the activity of its specialist investigations team.
‘This increased investigatory capacity comes with a raft of other headline-hitting new HMRC powers, such as more criminal sanctions for offshore bank account holders and new accelerated payment measures’.