Back in 2009, HMRC set up its High Net Worth Unit to handle the personal tax affairs of around 5,000 of the UK's wealthiest taxpayers and it has recently been announced that since its formation it has raised an extra £500 million tax.
Head of the High Net Worth Unit, Martin Randall said, “The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don’t. This approach has delivered the result we have announced today.
“When we set up the unit we expected to bring in about £100 million a year but, in 2011-12, the tax yield from our intervention work hit £200 million, up from £162 million in 2010-11 and £83 million in 2009-10. And we have brought in £80 million so far this year.
“These year-on-year revenue increases have enabled us to deliver half a billion pounds in extra tax to the Exchequer.”
David Gauke, Exchequer Secretary, commented, “Today’s figures show that HMRC’s High Net Worth Unit is making sure that the country’s wealthiest citizens pay the tax they owe. The Government is committed to a fair tax system where those with the most contribute the most. The overwhelming majority of people pay their taxes, so it is absolutely right that HMRC pursues anyone who tries to avoid their responsibility.”
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