HMRC do not know how many billionaires pay tax in the UK or how much they contribute overall the Public Accounts Committee concludes in a new report. The paper Collecting the right tax from wealthy individuals finds that ‘HMRC has no overview of an individual’s total wealth and faces challenges in getting all the data it needs to risk assess and target wealthy people’ noting that where HMRC have taken on complex high-value cases many of those go on for too long and nearly half result in no tax yield. That lack of clarity restricts HMRC’s ability to reassure the public that they administer the tax system fairly says the PAC.
The report does however credit HMRC for work to increase compliance yield from wealthy individuals which has more than doubled in recent years (£5.2bn extra tax...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
HMRC do not know how many billionaires pay tax in the UK or how much they contribute overall the Public Accounts Committee concludes in a new report. The paper Collecting the right tax from wealthy individuals finds that ‘HMRC has no overview of an individual’s total wealth and faces challenges in getting all the data it needs to risk assess and target wealthy people’ noting that where HMRC have taken on complex high-value cases many of those go on for too long and nearly half result in no tax yield. That lack of clarity restricts HMRC’s ability to reassure the public that they administer the tax system fairly says the PAC.
The report does however credit HMRC for work to increase compliance yield from wealthy individuals which has more than doubled in recent years (£5.2bn extra tax...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.tmb-editorspic.jpg?sfvrsn=c9a7a0cc_1)
