HM Revenue and Customs (HMRC) has recovered an extra £500 million in tax from those with assets in excess of £20 million in the last three years.
The extra revenue is down to the High Net Worth Unit (HNWU), which was set up to deal with 5,000 of the UK’s wealthiest taxpayers.
The unit is targeting the complex tax affairs of high earners, and has so far exceeded its targets.
Head of HNWU said:
“The tax affairs of the richest people in the country are, by their nature, complex, and that’s why we have focused resources on getting their tax right.
“The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don’t. This approach has delivered the result we have announced today.”
The extra tax is the equivalent of £100,000 per taxpayer.
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