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News - 9 May 2013

£220 million haul from wealthy taxpayers.

HMRC have revealed that their High Net Worth Unit (HNWU) – which deals with the tax affairs of 5,800 people with assets in excess of £20 million – increased its yield from tax enquiries by 10 per cent in the 2012/13 tax year, having collected £200 million in 2011/12.

The unit has increased its revenues from the UK’s richest taxpayers every year since it was established in 2009, raising a total of £665 million in additional tax over the last four years.
This revenue is in addition to the taxes HMRC normally collects from this group of wealthy individuals and is the result of enquiries.

Exchequer Secretary to the Treasury, David Gauke, said:
“HMRC’s High Net Worth Unit provides the specialist attention they require in ensuring the wealthy pay the tax they owe. This Government has reinvested almost £1 billion in HMRC and expects them to deliver almost £22 billion in 2014-15.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Since 2010, the unit has raised £582 million, increasing its revenue year on year which, at a time when the Government is focused on reducing the deficit, is delivering real results for the country. The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but action is being taken against the minority who don’t.”

The unit employs 380 staff across eight different locations, including Portsmouth. Caseworkers rigorously examine potentially inaccurate tax returns, and where an inaccuracy or incomplete return is found, the taxpayer must pay the extra tax due. Where this is deliberate, interest and a penalty are also due.

In 2010/11, the unit collected an extra £162 million and in 2009/10 it collected an additional £83 million.

If you are unsure and need any help and advice on Self Assessment or you need to keep abreast of changes in legislation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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