The collections of UK tax authority HM Revenue & Customs (HMRC) from personal tax returns increased by 38% in 2012-13.
According to accountancy firm UHY Hacker Young, the authority managed to increase its collections to £609m from £441m in the previous year by closely monitoring the self-assessment returns filed by individuals and cracking down on tax evaders.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Professionals such as doctors, barristers, and property investors were all put under the radar.
Financial Times has quoted UHY Hacker Young head of private client services Mark Giddens as saying, "HMRC is investing more time and effort in cracking down on tax evasion by buy-to-let landlords, as this form of investment has grown dramatically in the past decade and can involve flows of undeclared rental income."
HMRC aims to generate additional compliance revenues of £7bn a year by 2015. It has, earlier this year, announced that it is expanding its ‘Affluent Unit’ with 100 more investigators to identify and deal with avoidance and evasion by the "wealthiest" individuals.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
