HMRC Clamping Down on Tax Affairs of Wealthy

January 27, 2015 Taxation in UK

LONDON – Rich taxpayers in the UK have been forced to cough up an extra GBP 137.2 million in taxes as the HMRC broadens its investigations into tax affairs of the country’s wealthiest citizens.

On January 26th the UK-based law firm Pinsent Masons issued a statement detailing the level of tax revenues collected in the UK as a result of investigations conducted by the HM Revenue and Custom’s Affluent Unit, showing that tax collections from wealthy taxpayers in the country over the course of 2014 have risen by 60 percent compared to the previous year.

According to experts at Pinsent Masons, the investigations conducted by the Affluent Unit resulted in the collection of an extra GBP 137.2 million, while in the previous year the investigations resulted in the collection of an extra GBP 85.7 million of tax revenues.

The improved results have been attributed to the fact that in 2014 the Affluent Unit expanded its focus to include not only the “super rich” but also affluent individuals earning GBP 150 000 per year, or with at least GBP 1 million in assets.

The Affluent Unit was initially established in 2011, and in 2012 was tasked with collecting an extra GBP 75 million in tax revenues, the goal has now been raised to GBP 586 million by the end of 2015.

Photo By: Evan Bench