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January 25, 2013 6:27 pm
You’ve filed your tax return and said goodbye to the accountant for another year. But don’t relax too much, warns Smith & Williamson, there is more to come from HM Revenue & Customs in coming months.
Tax officials have drawn up a timetable of the investigations they plan to carry out over the next six months. A document, “Closing in on Tax Evasion”, outlines ways it plans to target affluent UK taxpayers.
The Revenue starts by saying that from this month it will be scouring people’s self-assessment returns to identify potential evasion among affluent taxpayers.
Then, in February, it will start identifying people whose income and wealth does not tally with what they have told HMRC. This will be done by cross-checking information held by credit reference agencies with 500 cases chosen from HMRC records.
The next campaign starts in March and will involve tax officials launching a proble into those with second or multiple properties in the UK or abroad who have not declared any profits or gains made from those properties.
There will be an increase in the number of specialist investigators in April, dedicated to pursuing affluent evaders and avoiders with more than 300 staff focused within the specialist team.
Finally, in May HMRC plans to identify offshore trusts being used to hide income and assets overseas. It will roll out new data-driven tools to help identify affluent individuals who are evading tax.
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