The extra yield from tax enquiries into the richest 5,000 individuals in the UK, by a specialist HMRC tax compliance unit, doubled in one year from £82m in 2009/10, to £162m in 2010/11; according to the Sunday Times.
HM Revenue & Customs’ High Net Worth Unit has 400 specialist investigators scrutinising the financial affairs of the 5,000 richest people in Britain. Yield in the taxman’s parlance is the additional tax, interest and penalties they collect over and above what was originally declared. The HiNWIs – High Net Worth Individuals, include captains of industry, hedge fund managers, bankers, property owners, sportspeople and other celebrities.
David Gauke, Exchequer Secretary to the Treasury was quoted: “The tax affairs of the very rich are inevitably complicated. The high net worth team is ensuring that technical complexity does not stand in the way of accuracy, so that the very rich pay the tax the law says they should.”
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