HMRC consults on extending UTT regime 'targeting' wealthy individuals

Under the plans, if individuals or trusts derive an advantage of £5m or more, they would need to report it to HMRC, which would then investigate how they had interpreted the rules. The rules were first introduced for large businesses with a turnover of at least £200m and a balance sheet of £2bn in a bid to reduce the tax gap, which is the difference between the amount of tax that should in theory be paid to HMRC and the amount that is collected. According to government figures, the tax gap amounted to £46.8bn in the 2023/24 tax year, with £5.4bn down to taxpayers interpreting the law ...