HMRC’s High Net Worth Unit brings in £1 billion
HMRC's High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1bn in compliance yield.
The unit, which was set up in 2009, deals with the tax affairs of the 6,200 wealthiest individual customers of HM Revenue and Customs (HMRC) – those with a net worth of £20 million or more.
Customers are assigned a relationship manager who has detailed oversight and develops a close understanding of the tax risks among these wealthy individuals.
This maximises voluntary compliance of the majority of customers and enables HMRC to effectively challenge those who do not play by the rules. The High Net Worth Unit ensures good customer engagement with a focus on influencing behaviour to improve voluntary compliance.
The compliance figure was revealed by David Gauke, Financial Secretary to the Treasury, as he spoke at HMRC’s annual stakeholder conference.
David Gauke said:
HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities. This approach is clearly working as HMRC’s High Net Worth Unit has delivered £1 billion in compliance yield. This is against targets totaling £894 million and is further evidence that the government’s investment of nearly £1 billion in HMRC to tackle avoidance, evasion and fraud is paying off.