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osborne sets hmrc chief new tax evasion target

17 Apr 12

UK Chancellor George Osborne has increased the pressure on HM Revenue & Customs to catch companies and wealthy individuals evading tax.

UK Chancellor George Osborne has increased the pressure on HM Revenue & Customs to catch companies and wealthy individuals evading tax.

According to the Daily Mail, Osborne has written to HMRC chief executive Lin Homer, setting the former county councillor a target of raising £17bn this year from “catching out” tax cheats.

Osborne is also reported to have said in his letter that HMRC has been “highly successful” in increasing tax revenues, with £13.9bn raised by the government body in the last financial year alone.

However, he ordered HMRC to raise a further £3.1bn from tax evaders and improve dealings with the “complex tax affairs of the largest businesses” and said there should be further investment in “tackling tax avoidance, evasion and criminal attack”.

The calls come days after it was revealed by the Treasury that almost one in ten people in the UK earning more than £10m per year is paying less than the 20% basic rate of income tax.
 

Tags: HMRC

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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.