Europe, News, The Rich

1 in 3 of Britain’s Richest People Under Tax Investigation

1 in 3 of Britain’s Richest People Under Tax Investigation

HM Revenue & Customs said that 1 in 3 of Britain’s richest people is under investigation for underpaid tax. This could result in nearly £2billion of underpaid tax. The inquiries only concern avoidance and legal interpretation of complex tax issues instead of evasion.

“HM Revenue & Customers said that 1 in 3 of Britain’s richest people is under investigation for underpaid tax.”

~Financial Times

A specialist unit which was set up to check the tax affairs of super rich secured an extra £416m of tax in 2015 – 2016, up from £200m in 2011-2012. It only examines the tax of 6,500 of the wealthiest people in UK, with assets of more than £20m. The extra tax raised from this group is on top of the  £4.3 bn they paid in form of income tax, national insurance & capital gains tax.

Related Reports: Financial Times, BBC

 

About HM Revenue & Customs

We were established by Act of Parliament in 2005 as a new department replacing the Inland Revenue and Customs and Excise. We are a non-ministerial Department established by the Commissioners for Revenue and Customs Act (CRCA) 2005, replacing the Inland Revenue and Customs and Excise. CRCA vested responsibility for the administration of the tax system in Commissioners appointed by the Queen.

Visit: HM Revenue & Customs

 


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