By Justin Cash 1st November 2016 8:30 am (Bristol Financial Advisor).
Investigations have been launched against a third of Britain’s richest individuals by HM Revenue & Customs .
HMRC recovered around £416m from the group last year, who all have wealth of more than £20m.
Special HMRC liasons will work with each of the individuals over the £1.9bn that is “at risk” of not being received (Bristol Financial Advisor).
NAO head Amyas Morse says: “The tax affairs of the wealthiest in society are complex, making it harder for HMRC to ensure that they are paying the right amount of tax. HMRC’s specialist team gives it a better understanding of the tax affairs and behaviours of these taxpayers. While the yields from HMRC’s work in this area have increased it needs to evaluate what approaches are the most effective and to understand the outcomes it achieves.”
Though HMRC collected around £4.3bn from him net worth individuals in 2014/15, the NAO says over a billion may be caught up in tax avoidance schemes.
According to the NAO, high net worth individuals make up 1 per cent of users of tax avoidance schemes, but account for 10 per cent of the tax at risk (Bristol Financial Advisor).
HMRC warns that its latest enquiries, which cover an average of four issues to investigate per taxpayer, could take years to resolve.
The taxman’s high net worth unit has been running since 2009, and HMRC said it could conduct a further analysis to increase the team’s impact in future (Bristol Financial Advisor).
Financial Advisers Bristol
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
About Us: Churchill Wealth Management is a team of independent financial advisors / financial planners (IFAs) based in Clifton, Bristol. Website: www.churchillwealthmanagement.co.uk
We provide independent financial advice, including pension advice, investment advice, inheritance tax planning, protection/insurance advice and ethical investment advice through our trading style Churchill Ethical Investment – www.churchillethicalinvestment.com