HM Revenue & Customs (HMRC) has made an extra \u00a31bn in tax from so-called \u2018high-net-worth individuals\u2019 (HNWI) with over \u00a320m in assets, following a voluntary compliance exercise. <\/p>\n
HMRC launched a \u2018high net worth unit\u2019 in 2009 to deal with the tax affairs of such people and, to date it has brought in \u00a31bn by working with HNWI\u2019s to ensure that they voluntarily pay the right taxes. In its first year the unit yielded \u00a385m in extra taxes and in the year 2013-14 it raised \u00a3268m.<\/p>\n
Financial Secretary to the Treasury, David Gauke, said that the taxman \u201cvigorously polices the rules\u201d, ensuring that it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities.<\/p>\n
He added that this approach is clearly working, as the unit has now delivered \u00a31bn in compliance yield against targets totalling \u00a3894m. He added that it is further evidence that the Government\u2019s investment of nearly \u00a31bn in HMRC to tackle tax avoidance, evasion and fraud is paying off.<\/p>\n
Meanwhile, the taxman has also begun writing to 6,000 wealthy UK residents who hold or held accounts with HSBC in Geneva, Switzerland, inviting them to disclose any tax irregularities.<\/p>\n
The letters have been issued by HMRC\u2019s newly established Offshore Co-ordination Unit and will ask the recipients to provide the department with written confirmation either that they have no tax irregularities, will be making a disclosure under the Liechtenstein Disclosure Facility (LDF) or will be making a disclosure but not under the LDF.<\/p>\n
Information on the 6,000 individuals, companies, trusts and other bodies that hold or held accounts with HSBC Geneva, was given to HMRC by France under a tax treaty last year. <\/p>\n","protected":false},"excerpt":{"rendered":"
HM Revenue & Customs (HMRC) has made an extra \u00a31bn in tax from so-called \u2018high-net-worth individuals\u2019 (HNWI) with over \u00a320m in assets, following a voluntary compliance exercise.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/343"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=343"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/343\/revisions"}],"predecessor-version":[{"id":344,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/343\/revisions\/344"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}