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HMRC net 500 million 14/09/12

The High Net Worth Unit (HNWU), designed to deal with 5,000 of the UK’s wealthiest taxpayers, has exceeded its collection targets since its launch three years ago.

The unit was set up in 2009 to deal with the personal tax affairs of about 5,000 of the UK’s richest people: those with assets in excess of £20 million. It consists of 380 staff working out of eight locations across the country.

The unit was targeted with bringing in £100 million a year, but as the Head of the unit, Martin Randall, said:
“In 2011-12, the tax yield from our intervention work hit £200 million, up from £162 million in 2010-11 and £83 million in 2009-10. And we have brought in £80 million so far this year, these year-on-year revenue increases have enabled us to deliver half a billion pounds in extra tax to the Exchequer.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The overwhelming majority of people in the UK pay their taxes, so it is absolutely right that HMRC pursues anyone who tries to avoid their responsibility. But with the complexity and ever changing nature of Tax legislation, expert advise should be sought at all times.”
If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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