HMRC plans most far-reaching clampdown yet

HM Revenue & Customs (HMRC) is planning a fresh compliance campaign this spring, targeting taxpayers with investment income in what could be the most far-reaching clampdown yet, according to information experts from UHY Hacker Young have obtained under the Freedom of Information Act.

UHY warns, the ‘interventions’ campaign targeting taxpayers with investment income could affect far more people than existing interventions as it will include investment income from shares, bonds and UK bank accounts.

In its response to the Freedom of Information Act inquiry, HMRC also revealed it was about to release a second batch of letters to taxpayers with offshore bank accounts, following the 5,198 letters sent to taxpayers with overseas accounts already. HMRC also disclosed it has sent 7,371 intervention letters to buy-to-let landlords within the last four months alone.

'A campaign targeting taxpayers with investment income could be the most far-reaching of all in terms of the number of taxpayers contacted. Investment income encompasses a very broad spectrum of assets and could include anything from share dividends and bonds to interest on UK bank accounts. It could potentially take in far more taxpayers than all the other types of interventions put together,' Roy Maugham, tax partner, at the UHY London office, said.

Further reading:

Depositor protection to spark fresh HMRC investigations

Taxman to take second bite of offshore cherry