The tax gap, which is the difference between the amount of tax due and the amount collected, was 6.8 per cent of tax liabilities, or \u00a334 billion, in 2012 to 2013, according to H.M.Revenue and Customs (HMRC).<\/p>\n
The latest data published by the tax man shows an increase on the revised estimate of 6.6 per cent in 2011 to 2012, but the long-term trend continues to be downward, when compared with the tax gap of 8.5 per cent in 2005 to 2006.<\/p>\n
Financial Secretary to the Treasury David Gauke said: \u201cSince 2010 to 2011 the percentage tax gap has stayed lower than at any point under the previous government, saving the country \u00a34 billion. Today\u2019s figures show that there\u2019s still more work to do but our continued drive to tackle avoidance means that avoidance is down.<\/p>\n
\u201cIn 2012 to 2013 HMRC achieved a compliance yield of \u00a320.7 billion, rising to a record breaking \u00a323.9 billion in 2013 to 2014.<\/p>\n
\u201cThe UK has one of the lowest tax gaps in the world but HMRC will continue to deploy its resources and skills to maintain the downward pressure that has proved so effective in recent years.\u201d<\/p>\n
The research shows the part of the gap accounted to tax avoidance fell from \u00a33.4 billion, to \u00a33.1 billion last year, but that the collection of VAT and the sale of untaxed illicit tobacco had an impact<\/p>\n
Early provisional data for 2013 to 2014 suggests the VAT gap is falling back to earlier levels helping continue the decline in the overall tax gap, while illicit cigarettes sales continue to be a target for HMRC.<\/p>\n
Since 2000,\u00a0HMRC\u00a0has managed to reduce the illicit cigarette market by around 40 per cent. Last year some 328 people were prosecuted, \u00a3518.3 million revenue losses prevented and over 1.4 billion illicit cigarettes seized together with 330 tonnes of hand rolling tobacco.<\/p>\n","protected":false},"excerpt":{"rendered":"
The tax gap, which is the difference between the amount of tax due and the amount collected, was 6.8 per cent of tax liabilities, or \u00a334 billion, in 2012 to 2013, according to H.M.Revenue and Customs (HMRC).<\/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\/486"}],"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=486"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/486\/revisions"}],"predecessor-version":[{"id":487,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/486\/revisions\/487"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}