Paid informants help HMRC recover £7.2 billion in tax by 2020/21
Paid informants will help HMRC recover a target of an additional £7.2 billion in tax by 2020/21
Data released in a Freedom of Information request details that the HMRC has paid out nearly £2 million to informants over the last four years, according to data obtained by Business Insider. Of that, HMRC paid £421,460 for information about tax evasion in 2016/17.
With a series of new laws coming in to force to help HMRC achieve a target of recovering an additional £7.2 billion in tax by 2020/21, taxpayers should seek advice to ensure that they are not caught unawares. Earlier this year, HMRC also warned of the potentially "life changing consequences" of failing to disclose offshore wealth by September 2018, under legislation giving them much stronger powers to deal with taxpayers where they uncover such offences. The likelihood of such assets being discovered is much greater since the introduction of the common reporting standard which will provide HMRC with much more information from foreign banks and other financial institutions.