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

clock

A clampdown on suspected tax avoidance among taxpayers with rapidly rising wealth has netted HMRC an extra £11.5m since it began targeting the group in 2012, according to calculations.

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...

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

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Demand for IHT mitigation increases as more fall into threshold

Demand for IHT mitigation increases as more fall into threshold

‘Asset prices and nil rate band freezes are creating a perfect storm’

Isabel Baxter
clock 03 April 2024 • 1 min read
Upcoming CGT changes prompting UK investors to create wealth plans

Upcoming CGT changes prompting UK investors to create wealth plans

More than half want to secure their current and future investment gains

Isabel Baxter
clock 02 April 2024 • 2 min read
Majority of advisers think NI cut will not boost pensions savings

Majority of advisers think NI cut will not boost pensions savings

Only one in ten think people will put the extra cash into pensions savings

Isabel Baxter
clock 11 March 2024 • 1 min read