TaxCorporate TaxHMRC crackdown generates record £24bn yield

HMRC crackdown generates record £24bn yield

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

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.

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