TaxPersonal TaxTaxman brings in extra £500m from wealthy

Taxman brings in extra £500m from wealthy

Unit set up in 2009 to deal with UK's 5,000 wealthiest taxpayers generated £500m since its establishment

AN ADDITIONAL £500m in tax has been brought in from the country’s wealthiest people.

The high net worth unit – comprising 380 staff – was set up by HM Revenue & Customs in 2009 to oversee tax collection from the UK’s 5,000 richest taxpayers, with assets of £20m or more, and was expected to generate £100m annually.

But, HMRC said it took £200m in 2011/12, up from £162m in 2010/11 and £83m in 2009/10, with £55m brought in so far this year.

Exchequer secretary David Gauke (pictured) said: “The tax affairs of the richest people in the country are, by their nature, complex, and that’s why we have focused resources on getting their tax right.

“The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don’t. This approach has delivered the result we have announced today.”

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