HMRC’s latest annual report has revealed that the Department collected a record £29bn in additional revenues from its crackdown on tax evasion, avoidance and organised crime.
Overall HMRC collected £574.9bn in tax revenues, up £38bn more than last year and marks a seventh consecutive year of record total revenues.
In addition the annual report identified that HMRC won 83% of the 1,200 tax cases which ended up being heard in the courts and tribunals.
HMRC Chief Executive, Jon Thompson said: “In the last year, we have generated £28.9bn of compliance yield, billions of pounds that would have otherwise been lost to the UK through avoidance, evasion and organised crime but will now be spent on public services.”
The record increase is a result of the Government implementing stricter measures to discourage abusive tax behaviours which amounted to £1,000 for every UK household. Thompson added: “The message is clear to those who try to not pay their fair and legal share: there is nowhere left to hide.”
Edwin Coe’s Head of Tax, Frank Strachan comments: “These are strong results for HMRC, underpinned by various disclosure facilities, investment in state of the art technology like the CONNECT system and a court system which is supportive of HMRC in the majority of cases it has heard.”
“The £29bn collected in additional revenues from HMRC’s crackdown on tax evasion, avoidance and organised crime needs to be seen in the context of this representing only 5% of the £574.9bn total tax revenues. Along with the October 2016 UK tax gap estimate of 6.5% it provides reassurance that the vast majority of taxpayers in the UK are honest with people and businesses paying the right amount of tax at the right time,” further commented Edwin Coe’s Tax Director, Dmitri Surendran.
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