HM Revenue & Customs High Net Worth Unit claims today to have brought in an extra £500 million in tax, since the special unit was set up three years ago to deal with the tax affairs of the country’s 5,000 wealthiest individuals.
The High Net Worth Unit was set up in 2009 to deal with the personal tax compliance of about 5,000 of the UK’s richest people – those with assets in excess of £20 million. It consists of 380 tax inspectors in eight locations across the UK.
The head of the HNWU head says: “The majority of the wealthiest taxpayers play by the rules but we take action against the minority who don’t. We expected to bring in about £100 million a year but, in 2011-12, the tax yield from our intervention work hit £200 million, up from £162 million in 2010-11 and £83 million in 2009-10. And we have brought in £80 million so far this year”.
Lynam Tax partners have a vast amount of practical experience in managing tax investigations and tax enquiries. We can advise you on the best course of action and if appropriate, help you manage any necessary disclosures, in order to obtain the optimum outcome for you, your business and your family.
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