HMRC scoops extra £11m as team targets wealth up-and-comers

Investigations by HMRC's ‘rising stars' unit resulted in the collection of £6.6m extra tax in 2013-2014, a 35% increase on the £4.9m collected the previous year, says international law firm Pinsent Masons. HMRC launched its ‘rising stars' team in 2012 to investigate the tax affairs of individuals with rapidly growing incomes and a net worth of at least £15m. It also targeted anyone considered to have the potential to meet the £20m wealth criteria for the high net worth unit within the next five years. Targeted individuals are likely to include those rising through the ranks at financi...