UK Economy
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
By Finfacts Team
May 28, 2014 - 7:34 AM

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New figures published Tuesday show that HM Revenue & Customs ( HMRC) secured a record £23.9bn in additional UK tax revenue over the2013/2014 fiscal year as a result of increased activity, in particular against tax dodgers.

The additional tax - - the tax that HMRC secures as a result of its investigations, on top of the tax collected from those who pay their taxes on time - - is up £3.2bn on the previous year, up £9bn on three years ago and nearly £1bn above the target set at Autumn Statement 2013.

More than £8bn has been secured from large business, over £1bn from criminals and £2.7bn from tackling avoidance schemes in the courts. HMRC’s compliance activity has resulted in a number of tribunal wins, and also seen corporation tax and stamp duty land tax loopholes closed, protecting the Exchequer from tax going unpaid.

The record breaking tax revenue comes as HMRC published ‘ HMRC fast facts: Record compliance revenues for the UK.’

Providing an overview of HMRC’s compliance activities, the agency says the document highlights the actions HMRC has already taken to tackle tax avoidance. This includes launching taskforces, publishing the details of deliberate and serious defaulters and challenging tax avoidance through the courts.

It also provides information on future steps as the tax authority continues its fight against those who try to cheat the system.

This includes tackling high-risk promoters, tackling employment and offshore tax avoidance and issuing accelerated payments for users of tax avoidance schemes.

HMRC said it expects to raise £100bn between May 2010 and March 2015 stemming from new investigations into tax evasion.

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