TaxCorporate TaxHMRC crackdown generates record £24bn yield

HMRC crackdown generates record £24bn yield

HMRC brings in £23.9bn through campaign against avoidance and evasion

HMRC crackdown generates record £24bn yield

AN HM REVENUE & CUSTOMS CRACKDOWN on tax avoidance and evasion has brought in an additional £23.9bn to the public purse.

The haul marks HMRC’s highest since records began, which it said is a result of its investigations.

The figure is almost £1bn higher than the target set by George Osborne in the Autumn Statement in December.

HMRC credited “increased activity” on unpaid tax for the figure.

Of the total amount it had raised, more than £8bn came from large business, £1bn from criminals and £2.7bn from tackling avoidance schemes in courts.

The current tax gap – the difference between estimated tax due and that collected – stands at 7%.

In total, HMRC has said it expects to secure £100bn between May 2010 and March 2015 as a result of its investigations into unpaid tax.

“HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due,” said exchequer secretary to Treasury minister David Gauke.

“The government is determined to tackle the minority that seek to avoid paying the taxes they owe,” he added.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

1m Alia Shoaib, Reporter
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

4m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

8m Shereen Ali, Deputy Editor
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

2m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

2m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

4m Alia Shoaib, Reporter