HM Revenue and Customs (HMRC) collected an additional £494 million in income tax in the last year through investigations into tax avoidance schemes, according to law firm Pinsent Masons.
The new Counter Avoidance Directorate was created in April 2014 with the primary objective of cracking down on the promotion and use of these avoidance schemes. Since 2012, tax avoidance schemes have been occupying headlines due to their use by celebrities. As a result, HMRC has “stepped up” its investigations into such activity, Pinsent Masons said.
The new Accelerated Payment Notices (APNs) is one technique the regulator...