HMRC has collected £560m in unpaid taxes in the last year alone, up over £200m in two years for the 2016/17 figure of £325m, according to data through a Freedom of Information request obtained by Access Financial, a payroll and contractor accountancy firm.
At the same time, it has become harder for people to hide assets offshore with over 800 investigations launched in the last year into offshore interests as HMRC’s Offshore, Corporate and Wealthy unit ramps up its activities.
The elite Offshore, Corporate and Wealthy unit, which sits within the Fraud Investigation Service at HMRC and was set up in the wake of the Panama Papers scandal, has increased its tax haul by 72% over the past two years.
The new team, which targets high net worth individuals and businesses with undeclared offshore interests, started 827 investigations in 2018/19, representing a yield of £677,146 per taxpayer.
This is a significant increase on the