HMRC income from tax crackdown on 'mass affluent' up 60%


HMRC's crackdown on tax avoidance and evasion by the "mass affluent" saw an income boost of 60% in the last year, a new report has claimed.

HMRC's Affluent Unit, which covers UK residents on annual incomes over £150,000 - or wealth over £1m - raised £137.2m in tax last year, 60% more than the £85.7m it raised in 2013. The findings were published in a new report by law firm Pinsent Masons, which used HMRC's data. The unit, set up in 2011, doubled in size in 2013 after recruiting 100 tax inspectors, and covers about 500,000 UK residents, the BBC said. Pinsent Mason head of litigation and compliance James Bullock said the tax office is becoming more aggressive in its prosecutions of professionals and entrepreneurs. He ...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Wealth managers