HM Revenue and Customs (HMRC) is stepping up its investigations into taxes potentially underpaid by the directors and senior executives of the UK's largest companies, warns Pinsent Masons, the international law firm.
According to Pinsent Masons, HMRC's Large Business Service is investigating directors and senior executives for £400m worth of underpaid taxes - including PAYE, and National Insurance Contributions. This is 43% higher than the £280m under investigation last year. Pinsent Masons says the sharp rise in directors' taxes under the microscope has been driven by the upswing in HMRC compliance activity, as well as investigations into avoidance linked to the 50p tax rate and the temporary special tax on bank bonuses. Jason Collins, partner at Pinsent Masons, says HMRC has increased its foc...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes