The Government body first sent out the controversial notices on 27 August and said it expects to issue around 2,500 notices per month by the end of the year.
In total, it hopes to issue 43,000 notices over the next 18 months, with 33,000 going to individuals and 10,000 to businesses.
The notices are expected to cover £7.1bn in disputed tax.
David Gauke, financial secretary to the Treasury, said: “The Government and HMRC have taken significant action to tackle tax avoidance and discourage people from entering into expensive avoidance schemes which, in most cases, don’t work.
“Through these accelerated payments, we are going further,” he added. “These notices will level the playing field between those who play by the rules and pay their tax, and those who seek to avoid their responsibilities.”
Accelerated payment notices are issued when a taxpayer has entered into a tax avoidance arrangement that has been notified to HMRC under the disclosure of tax avoidance scheme rules.
Those who receive an accelerated payment notice will have to pay the tax due within 90 days.
HMRC’s initial proposals to issue accelerated payment notices gained Royal Assent in July.
It was also granted powers to issue follower notices, which allow it to require individuals to pay disputed tax in advance of agreeing the final position in a case which it considers apposite to one which it has already ruled against.
Martin Taylor, head of client relations at Rebus Investment Solutions, said: “The achieving of Royal Assent today gives HMRC three out of four of their objectives in the latest round of the battle against tax avoidance.
“Missing piece”
“The missing piece for HMRC is the ability to remove funds directly from bank accounts.
“This remains an aim for the next Finance Bill, but only time will tell if the measure can survive the barrage of accusations of HMRC becoming judge, jury and executioner with no oversight.”
He added that follower notices and accelerated payment notices will make “thousands of investors” realise how serious their position has become.
In other news, Britain’s highest-earning MP, Geoffrey Cox, has reportedly been revealed as an investor into alleged tax avoidance scheme, Phoenix Film Partners.
The Mirror reports that it is not currently known how much the Conservative MP for Torridge and West Devon invested into the scheme, which is currently being investigated by HMRC.
Cox, who recently earned £329,452 as a barrister, and £67,000 as an MP, reportedly refused to comment on the issue.
Phoenix is one of the 1,200 products recently identified as avoidance schemes in a list published by HMRC.
