eprivateclient

HMRC records 25 percent increase in revenue from agreements with tax evaders

News Team, 20/08/2020

The amount of extra tax collected by HMRC through agreements with tax evaders that give immunity from prosecution increased 25 percent in the year to 31 March 2020 to £119.4 million, up from £95.8 million in 2018/19, according to figures obtained by international law firm Pinsent Masons.

When HMRC believes a taxpayer is evading tax it can offer them an opportunity to enter into a contract under the Contractual Disclosure Facility (CDF). At the same time, a taxpayer who wants to admit tax evasion that HMRC has not discovered can apply to HMRC to make a voluntary disclosure using the CDF.

The CDF gives the taxpayer imm...


Continue reading this article...


Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.







You are currently not logged in,
login to view the full article
start by clicking this button.





Need a subscription,
fill out the form here or
contact subs@eprivateclient.com


About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscribers

eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more