It it emerged last week that HMRC is using data from the Land Registry and Merchant Acquirer to identify people with “badges of wealth”, such as large houses, aeroplanes, boats and offshore bank accounts which they have not declared to the Revenue.
Specialist officers from across HMRC will be brought in to identify wealth indicators and cross reference them with the data the Revenue holds about their owners.
The taskforce is expected to recover nearly £18m in tax.
Millionaire lifestyle
“Our intelligence shows that people being targeted by this taskforce have no intention of playing by the rules and could end up facing a heavy fine or even a criminal conviction,” said HMRC in a statement.
“Using the information we hold, we can target people whose lifestyle does not reflect the tax they are paying.
It added: “It’s not fair that a small minority are living the millionaire lifestyle as a result of them not paying their tax, while the rest of us live within our means and pay our fair share.”
The launch of this taskforce is part of a wider initative by HMRC to crackdown on suspected tax evasion and avoidance.
