HMRC crackdown raises £23.9bn additional tax
19th Jun 2014
A record £23.9 billion in additional tax has been raised by the government for the year to the end of March, as a result of a crackdown on tax avoidance.
HM Revenue and Customs (HMRC) said it had secured the money as a result of its investigations. The total raised is the highest amount yielded from this type of crackdown since records began.
The figure is almost £1 billion more than the target set by Chancellor George Osborne in the Autumn Statement.
The extra money raised is in addition to regular tax receipts. HMRC credited “increased activity” on unpaid tax for the large figure.
“HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due,” said Treasury minister David Gauke. “The government is determined to tackle the minority that seek to avoid paying the taxed they owe.”
HMRC said that, of the total amount it had raised, more than £8 billion came from large businesses, £1 billion came from criminals and £2.7 billion came from tackling avoidance schemes in courts.
In total, HMRC has said it expects to secure £100 billion between May 2010 and May 2015 as a result of its investigations into unpaid tax.
The “tax gap” is the name for the difference between the amount of tax due and tax actually collected. This gap was 7 per cent for the 2011-12 financial year, the most recent figure available.