Latest figures from the UK tax office show that it netted £29bn ($37.6bn, €32.9bn) in the past year just by cracking down on tax evaders, with overall tax coffers up 7% to £580bn in 2016/17. Here’s a breakdown of why HMRC is having a record year in revenues, according to its annual report.
HM Revenue & Customs’ action on tax avoidance, evasion and organised crime has brought in record additional revenues of £29bn ($37.6bn, €32.9bn) in the past fiscal year, as revealed in its latest annual report.
Recent high-profile wins against tax evaders prove that when it comes to cracking down on tax dodgers, HMRC is serious about stepping up not only its surveillance but also about finding innovative ways of catching out tax cheats. Here are some the methods the UK tax office employs.
HM Revenue and Customs has almost doubled its requests to governments elsewhere in the world for help in suspected tax evasion cases over a five-year period, according to figures obtained by law firm Pinsent Masons.
The UK Supreme Court has ruled in favour of HMRC in its seven-year pursuit of Rangers Football Club for aiding and abetting tax avoidance using Employee Benefit Trusts (EBTs).
Many trustees will have too little time to comply with the new rules for the beneficial ownership register of trusts, and others will have huge amounts of information to gather, international audit, tax and consultancy firm RSM has warned.
A former IFA, an accountant and two film producers have been ordered to repay more than £2m ($2.6m, €2.3m) that they scammed from investors in a film tax fraud.
HM Revenue & Customs has kickstarted a new beneficial ownership register targeting those who set up trusts to “generate tax consequences” in guidelines published on Tuesday.
The seizure of documents from British football club Newcastle United by HMRC tax officials may have been unlawful, a judge has said.
HM Revenue & Customs has set out a string of new conditions under which it may extend the time allowed to pay a tax bill under an accelerated payment notice (APN).
A UK high court has banned HMRC from examining material seized from Newcastle United’s football stadium following a legal challenge mounted by the club.
After missing its Monday deadline, HM Revenue & Customs released an updated recognised overseas pension scheme (Rops) list on Wednesday that saw Australian scheme numbers rise, while Guernsey and Jersey continued their declines.
