Reinvestment of efficiency savings is achieving ‘significant successes’
An HMRC issue briefing issued on 19 December set out how the department intends to spend the additional funds announced earlier last month to tackle tax avoidance, evasion and criminal attack.
‘The government had already invested £917m in HMRC up to 2014/15 … An additional £154m is now being provided to further expand this and other activity, with £77m of this focusing on evasion and avoidance by wealthy individuals and multinationals,’ HMRC said in the briefing titled ‘Further clampdown on tax avoidance and evasion’.
The sum of £917m ‘was reinvested in HMRC from efficiency savings’, the briefing said. It explained how the new funding ‘will secure around £2bn in additional revenue, taking HMRC’s total compliance revenues to around £22bn by 2014’.
The approach was achieving ‘significant successes’, including the recovery of £29bn in additional revenues from large businesses during the last six years.
HMRC listed the activities to be funded by the £77m – broadly as set out in Tax Journal news on 3 December – including ‘bringing in more people’ to speed up work to challenge multinationals’ transfer pricing arrangements.
HMRC said the balance of the £154m would be used ‘to substantially expand our digital service for customers, expand our tax debt collection capacity, and reduce losses from tax credit error and fraud’.
Reinvestment of efficiency savings is achieving ‘significant successes’
An HMRC issue briefing issued on 19 December set out how the department intends to spend the additional funds announced earlier last month to tackle tax avoidance, evasion and criminal attack.
‘The government had already invested £917m in HMRC up to 2014/15 … An additional £154m is now being provided to further expand this and other activity, with £77m of this focusing on evasion and avoidance by wealthy individuals and multinationals,’ HMRC said in the briefing titled ‘Further clampdown on tax avoidance and evasion’.
The sum of £917m ‘was reinvested in HMRC from efficiency savings’, the briefing said. It explained how the new funding ‘will secure around £2bn in additional revenue, taking HMRC’s total compliance revenues to around £22bn by 2014’.
The approach was achieving ‘significant successes’, including the recovery of £29bn in additional revenues from large businesses during the last six years.
HMRC listed the activities to be funded by the £77m – broadly as set out in Tax Journal news on 3 December – including ‘bringing in more people’ to speed up work to challenge multinationals’ transfer pricing arrangements.
HMRC said the balance of the £154m would be used ‘to substantially expand our digital service for customers, expand our tax debt collection capacity, and reduce losses from tax credit error and fraud’.
