Whether the rich should pay more tax is a debatable political issue but Enable, Independent Financial Advisors of many years experience note that The Revenue are targeting the wealthy and have started with Owners of overseas property first. A 200-strong team of investigators has been set up to identify wealthy tax evaders, Revenue & Customs declared this at the end of last year when it unveiled a new “affluent” unit, which will focus on the tax affairs of those earning more than £150,000.
Commodity traders are said to be the Revenue’s next target, and holders of offshore accounts will come under scrutiny later next year. The tax affairs of the very wealthiest 5,000 individuals, with at least £20m in assets, are handled by a specialist group that generated an extra £86m of revenues in 2009-10 and £162m in 2010-11.
Danny Alexander announced the launch of the unit which will deal with the 350,000 richest people, at the Liberal Democrat conference in September when he said “the small minority who don’t pay what they owe” would be found and made to pay their fair share. David Gauke, financial secretary to the Treasury, said the new unit was expected to raise £560m in the next few years, adding: “The government is committed to tackling tax evasion and avoidance across all areas of the economy. That is why we allocated HMRC £917m to reduce the tax gap over the next four years in the last spending review. This new team is part of that investment.”
Making sure you are tax efficient is part of good financial management expert advice from experience IFA like Enable of Bishop’s Stortford is always best.
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