HMRC’s recent crackdown on rich tax dodgers has so far raised £373m, an increase of 21% on 2008.
Investment bankers and hedge fund managers were amongst those targeted by HMRC investigators who looked into the affairs of more than 50,000 taxpayers whose earning are in excess of £100,000 per year.
Over the past 5 years, the amount that HMRC has clawed back has trebled proving that HMRC’s tough stance and tax amnesties are proving to be worthwhile.
However, HMRC will have to strengthen their efforts next year as, after April, the highest tax rate leaps to 50%.
KinsellaTax believe that as the tax band rises there will be an increase in those trying to dodge their tax liabilities.