Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

HMRC sees 80% leap in anti-avoidance tax take

By Mark Battersby, 12 Jan 17

HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.

HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.

The £886m (€1.02bn, $1.08bn) of income tax raised in the year to 31 March 2016 was up from £494m in 2014.   

The specialist directorate was set up in April 2014 to clamp down on the promotion and use of tax avoidance schemes.

Pinsent Masons director Paul Noble, a former tax inspector, said its success on this front meant that it was likely that the Treasury would continue to pour resources into the unit.

“HMRC has had a number of high profile successes when combating tax avoidance, and the government will be looking to build on this,” he said.

“After criticism for the backlog of unresolved cases, HMRC has sought to sharpen its approach with new powers that it can use to persuade people to exit tax schemes before they reach litigation.

“HMRC wants to demonstrate that no one is out of its reach. It therefore makes sense for anyone who suspects a scheme they are involved in to weigh up their options for either exiting or litigating and, in doing so, to take independent professional advice,” he said.

Successful validation

Noble said that HMRC would view the latest figures as a “successful validation” of its approach, but warned of the importance of its using its extended powers “in a proportionate manner”.

“HMRC has been awarded some fairly far-reaching powers to tackle tax avoidance over recent years, including accelerated payment notices (APNs) which require the payment of sums of money prior to any appeal even being decided,” he said. “HMRC needs to ensure it exercises caution when making use of these new powers, and that it does not ‘overstep the mark’.

HMRC has issued around 60,000 APNs under the new rules, worth an estimated £3bn, as of September last year.

Tags: HMRC | Pinsent Masons

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Industry

    ASIC suspends MW Planning licence after banning advisers

    Industry

    UK finance firms join forces to launch retail investment campaign

  • Heather Hopkins

    Industry

    MPS assets surge 32% to £190bn as adviser usage grows

    Latest news

    FCA fines Nationwide Building Society £44m for AML failings


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.