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HMRC collects 1bn from UKs wealthiest

17 Jul 14

HM Revenue & Customs High Net Worth Unit has now collected over £1bn in compliance yield since it was set up in 2009.

HM Revenue & Customs High Net Worth Unit has now collected over £1bn in compliance yield since it was set up in 2009.

The unit deals with the tax affairs of the 6200 wealthiest HMRC customers, each with a net worth of £20m or more.

The government body said the unit maximises voluntary compliance from a majority of individuals, enabling it to “effectively challenge” those who do not “play by the rules”.

The unit’s yield has increased every year since it was opened, and in 2013/14 it brought in a total of £268m.

The figure was revealed yesterday at HMRC’s annual stakeholder conference by financial secretary to the Treasury David Gauke.

He said: “HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities.

"This is clearly working as MRC's High net Worth Unit has delivered £1bn in compliance yield.

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.