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News - 21 January 2013

HMRC recruits new members to the affluent unit.

The Affluent Compliance Team, to ensure the better off play by the rules, is expanding by 100 inspectors as their work expands.

The scope of the unit will now take in taxpayers with an income of £150,000 and wealth of between £1 million and £20 million.

Exchequer Secretary David Gauke said:
“HMRC set up the new Affluent Teams from some of the £917 million we made available in 2010. The team has made a great start by bringing in £75 million in additional tax that would otherwise have been lost to the country.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The affluent team currently has 200 staff based in 17 teams in six locations across the UK. They target people who habitually use avoidance schemes or have a low effective Rate of Tax across their total income, have bank accounts in Switzerland who appear to be understating their tax liability, people who fail to file their Self Assessment return on time, those who avoid or evade Stamp Duty on property purchases and have UK and offshore property portfolios.”

If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
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