HMRC Chasing Down Big Tax Cheats

October 26, 2017 Taxation in UK

Tax on big businessLONDON – The HMRC may be upping their game when it comes to chasing down big businesses who stash their profits overseas.

New data obtained by the UK law firm Pinsent Masons has shown the extent of tax avoidance in the country.

The new information has suggested that over the course of the year to March 2017, large businesses in the UK avoided as much as GBP 5.8 billion by transferring profits to low tax jurisdictions.

The amount avoided is rising, having grown by GBP 2 billion compared to the level seen 12 months ago.

The amount of tax avoided is likely to be even higher, as the amount quoted is only for the 2 000 largest businesses in the country.

The experts at Pinsent Mason suggested that the increase could be caused by increased aggressiveness by the tax authorities or concentrated steps by tax authorities to “widen their net” in regards to uncovering tax avoidance.

A spokesperson for the HMR has declined to confirm whether the tax authority is becoming more aggressive, but noted that since 2010 the HMRC has “brought in over £53bn by effectively policing the tax rules as they apply to large businesses.”