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Tax Tip

HMRCs High Net Worth Unit brings in 1 billion
HMRC's High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1bn in compliance yield.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The unit, which was set up in 2009, deals with the tax affairs of the 6,200 wealthiest individual customers of HM Revenue and Customs (HMRC) – those with a net worth of £20 million or more.”
 
Individuals are assigned a relationship manager who has detailed oversight and develops a close understanding of the tax risks among these wealthy individuals.
 
This maximises voluntary compliance of the majority of customers and enables HMRC to effectively challenge those who do not play by the rules. The High Net Worth Unit ensures good customer engagement with a focus on influencing behaviour to improve voluntary compliance.
 
David Gauke, Financial Secretary to the Treasury said:
“HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities. This approach is clearly working as HMRC’s High Net Worth Unit has delivered £1 billion in compliance yield. This is against targets totaling £894 million and is further evidence that the government’s investment of nearly £1 billion in HMRC to tackle avoidance, evasion and fraud is paying off.”
 
As with any tax or tax planning, IHT can be complicated. If you are in any doubt about your position, then you should seek professional advice. Call the ABDS Tax Department and discuss how we can assist you in all of your taxation planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 

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