Pinsent Masons reports that HMRC’s serious criminal tax investigations brought in £991m in 2023/24, up from just £89m in the previous tax year. £653m of that total came from HMRC’s case against Bernie Ecclestone but the firm notes that, even excluding those arrangements, the yield would be nearly 400% higher than for 2022/23.
With the new government committed to bringing in extra revenue from tackling tax avoidance, more investigations can be expected in the future, suggests Ian Robotham, Legal Director at the firm: ‘Taxpayers must take COP9 investigations very seriously. Complying with these HMRC investigations can significantly reduce the punishment – but the taxpayer must give an accurate, open and honest disclosure of the tax they haven’t paid.’
Pinsent Masons reports that HMRC’s serious criminal tax investigations brought in £991m in 2023/24, up from just £89m in the previous tax year. £653m of that total came from HMRC’s case against Bernie Ecclestone but the firm notes that, even excluding those arrangements, the yield would be nearly 400% higher than for 2022/23.
With the new government committed to bringing in extra revenue from tackling tax avoidance, more investigations can be expected in the future, suggests Ian Robotham, Legal Director at the firm: ‘Taxpayers must take COP9 investigations very seriously. Complying with these HMRC investigations can significantly reduce the punishment – but the taxpayer must give an accurate, open and honest disclosure of the tax they haven’t paid.’
