The UK’s HM Revenue and Customs (HMRC) has reclaimed £3.65bn in unpaid tax through probe of avoidance schemes, evasion and fraud, according to data compiled by international law firm Pinsent Masons.
Paul Noble, tax director at Pinsent Masons, said: "These figures should be a massive jolt to anyone with undisclosed or outstanding tax liabilities that have given them significant savings. HMRC has been recruiting and training heavily in order to increase the activity of its specialist investigations team."
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
According to Pinsent Masons’ data, the compliance yield from HMRC’s specialist investigations team jumped from £2.97bn in 2012/13 to a record £3.65bn in 2013/14, which is equivalent to 10% of the projected £34bn UK tax gap.
"HMRC is not only better equipped than ever before to chase down those it suspects of unfairly avoiding their fair share of tax, it’s also far more uncompromising in how it conducts its investigations and far more hard-nosed when it comes to settling cases," added Noble.
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
