Record haul from wealthy taxpayers

Record haul from wealthy taxpayers

A specialist unit dealing with the country's wealthiest taxpayers brought in a record £220million of extra tax last year, HM Revenue and Customs has revealed.

HMRC's High Net Worth Unit (HNWU) - which deals with the tax affairs of 5800 people with assets in excess of £20million - increased its yield from tax enquiries by 10% in the 2012/13 tax year, having collected £200million in 2011/12.

The unit has increased its revenues from the UK's richest taxpayers every year since it was established in 2009, raising a total of £665million in additional tax over the last four years. This revenue is in addition to the taxes HMRC normally collects from this group of wealthy individuals and is the result of enquiries.

Exchequer Secretary to the Treasury, David Gauke, said: "HMRC's High Net Worth Unit provides the specialist attention they require in ensuring the wealthy pay the tax they owe. This Government has reinvested almost £1billion in HMRC and expects them to deliver almost £22billion in 2014-15.

"Since 2010, the unit has raised £582million, increasing its revenue year on year which, at a time when the Government is focused on reducing the deficit, is delivering real results for the country."

HNWU Head, Martin Randall, said: "The tax affairs of the richest people in the country can be complex as they have large tax bills, and that's why we've 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."

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George Bailey