Sunday 6 November 2016

Britain's super rich are being probed by HMRC


HM Revenue and Customs (HMRC) is running a 'formal enquiry' on more than 2,000 “high net-worth individuals" – each earning £20m or more.

The super-rich have tax agents for their "complex affairs", the National Audit Office says, and 15% are thought to have used tax avoidance schemes.

Yet just one has been prosecuted for criminal tax evasion in the last five years.

The report says the government is losing a possible £1.9bn - but it's through "legal interpretation of complex tax issues, rather than tax evasion."

The figure includes £1.1billion linked to tax avoidance schemes, which are being targeted by a special tpeam of tax collectors.

The HMRC inspectors recovered £4.3billion tax from Britain's 6,500 super rich last year, an increase of £416million.



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