Daly Park | HMRC nets additional 500m from UKs richest taxpayers | Tax advice and Accountant News

HMRC nets additional 500m from UK's richest taxpayers

17 September 2012

HM Revenue & Customs (HMRC) has collected an additional £500 million in tax from theUK’s wealthiest individuals.

Set up in 2009, the High Net Worth Unit handles the tax affairs of around 5,000 ofBritain’s richest people – those with assets in excess of £20m.

The unit had initially hoped to raise an extra £300m in tax; however, latest figures suggest it has surpassed this target by £200m since its launch three years ago.

‘The tax affairs of the richest people in the country are, by their nature, complex, and that's why we have focused resources on getting their tax right,’ commented Martin Randall, head of the High Net Worth Unit.

‘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.’

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