The High Net Worth Unit (HNWU), designed to deal with 5,000 of the UK’s wealthiest taxpayers, has exceeded its collection targets since its launch three years ago, according to a statement from HMRC.
HNWU head, Martin Randall, 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.
When the unit was set up the unit HMRC expected to bring in about £100m a year but, in 2011-12, the tax yield from its intervention work hit £200m, up from £162m in 2010-11 and £83m in 2009-10.
"And we have brought in £55 million so far this year. These year-on-year revenue increases have enabled us to deliver half a billion pounds in extra tax to the Exchequer.”
Exchequer secretary, David Gauke, said: “Today’s figures show that HMRC’s high net Worth Unit is making sure that the country’s wealthiest citizens pay the tax they owe. The Government is committed to a fair tax system where those with the most contribute the most. The overwhelming majority of people pay their taxes, so it is absolutely right that HMRC pursues anyone who tries to avoid their responsibility.”
