TaxPersonal TaxTaxman scoops £373m in high net worth haul

Taxman scoops £373m in high net worth haul

FOI reveals tax enquiries into high net worth individuals is a lucrative strtaegy for HM Revenue & Customs

The taxman’s tax from high net worth individuals has catapulted in the last
year, according to figures obtained by lawyers McGrigors.

HM Revenue & Customs recouped 360% more in tax from enquiries into
wealthy taxpayers over the past five years. Yield last year (2008/2009) was
£373m, compared to £81m a year earlier.

The tax take was made by its Expat and Complex Personal Returns teams, which
have now been replaced by the High Net Worth unit.

Phil Berwick, director of tax investigations at McGrigors, said: “The
significant increase in yield indicates that HMRC view these groups of taxpayers
as fertile ground for enquiries. The complexity of the UK tax system makes it
increasingly difficult for foreign nationals coming to the UK and wealthy UK
individuals to comply with the rules.”

“Many of the foreign nationals and wealthy UK individuals are investment
bankers and hedge fund managers. Many have sought to shelter some or all of
their earnings from the UK taxman by using tax avoidance schemes. These schemes
are now coming under sustained attack from HMRC.”

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter