The UK’s HM Revenue & Customs (HMRC) could pocket more than £17 billion each year by launching amnesty scheme for tax evaders, according to a report by accounting firm Crowe Clark Whitehill (CCW).
The above figure is based on an estimated £12.95 billion from accidental or careless evasion and £4.89 billion through deliberate evasion.
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The accounting firm in its report argues that an amnesty would encourage disclosure and bring thousands of tax dodgers back into sight of HMRC, raising funds immediately and reducing the amount of evaders to chase in future.
A survey of accountants by CCW earlier this year found 96% would back the idea, while 85% believe offering an amnesty as a final chance to come forward would be a good way to encourage disclosure.
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By GlobalData
