High earners are facing a surge in tax investigations after research revealed that HM Revenue & Customs had doubled its revenues from inquiries into the UK's wealthiest people.
A freedom of information request - published in The Times this morning - has revealed that HMRC’s wealthy and mid-sized business compliance directorate, which examines the tax affairs of those earning more than £200,000 a year or with assets above £2million, yielded more than £1.5 billion in 2024, double the amount raised the previous year.
The success of the unit has led to a decision to hire an extra 400 specialist compliance officers, who will be added over the next four years. The government hopes the move will bring in at least another £500million in tax revenues by 2030.
Accountants have said the number of investigations into wealthy individuals will inevitably increase.
Ian Robotham, of the law firm Pinsent Masons, which conducted the FoI request, said: “HMRC has been set some very hard targets for extra tax collection by the chancellor. It is hard to see how they can achieve those targets without a sharp rise in tax investigations into the wealthy.”
Click here to read more in The Times.
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