Four reasons why HMRC had a bumper year
By International Adviser, 17 Jul 17
Latest figures from the UK tax office show that it netted £29bn ($37.6bn, €32.9bn) in the past year just by cracking down on tax evaders, with overall tax coffers up 7% to £580bn in 2016/17. Here’s a breakdown of why HMRC is having a record year in revenues, according to its annual report.
HMRC said has brought in billions of pounds that would have otherwise been lost to the UK through fraud, tax avoidance and evasion.
“We have strengthened our grip on those who deliberately cheat the system and continue to pursue those who refuse to pay what they owe,” HMRC said.
As a result, it netted £28.9bn, which included stopping fraudulent repayment claims totalling £4.8bn and disrupting criminal activity worth around £3.1bn.
Last year, the UK tax office also issued more than 9,000 ‘follower notices’ to tax avoidance users with an associated APN to a value of more than £520m.
Follower notices urge tax avoiders to settle their tax dispute after court rulings in similar cases find in HMRC’s favour, or face a penalty of up to 50% of the value of their tax and/or National Insurance in dispute. HMRC issued 99 follower notice penalties last year, with a collective value of £6m.
Tags: HMRC
