HMRC Crackdown Yields Billions

July 21, 2015 Taxation in USA

LONDON – The HMRC has collected millions tax revenues from individuals trying to evade taxes.

The actions taken by the HM Revenue and Customs have yielded nearly GBP 27 billion in extra tax revenues over the course of 2015/15, according to new information contained in the tax authority’s annual report.

The HMRC has seen success in the use of the new “accelerated payment notice” which require taxpayers to provide to the HMRC any funds currently in a tax dispute, with the deposit to be returned on a successful ruling, or kept by the HMRC if it is found that tax evasion was involved.

Nearly GBP 8 billion in revenues was attributed to actions by the HMRC to specific actions to prevent tax evasion and illicit avoidance.

Extra tax revenues were also collected through efforts by a specialist group within the HMRC dedicated to monitoring the tax affairs of individuals with rapidly growing incomes and a net worth of at least GBP 15 million.

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