'Serious' tax evasion on the decline, says law firm

According to law firm Pinsent Masons, HM Revenue & Customs (HMRC) reported 2,888 suspected cases of tax evasion in 2012-13, down 16% - from 3,456 - on the previous 12 months and the lowest since 2007-8. HMRC defines tax evasion as "serious" when the sum involved is higher than £50,000 or if the case is considered worthy of prosecution. "This decline in suspected tax evasion doesn't tally with the rhetoric from some quarters that the British economy is being undermined by a chronic under-collection of tax revenues," said Phil Berwick, a partner at the law firm. "HMRC has plenty of t...