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Record tax yield for 2014/15
HMRC collected a record £517.7bn in tax in 2014/15 £12bn more than in the previous year. According to the Revenue this increase is a result of economic growth and the crackdown on tax evasion and avoidance.
The figures were in HMRC’s Annual report and accounts 2014-15. Other achievements in the report include:
- HMRC made £210m in cost efficiencies last year by selling property and cutting workforce IT and procurement costs. This brings total sustainable cost savings over the past four years to £991m exceeding the target by £25m.
- A record £26.6bn was obtained in additional compliance yield. This is £8bn more than in 2011/12.
- The department prosecuted 1 289 cases securing a collective total of 407 years in prison sentences.
- £9.79bn in tax was protected by litigation. ...
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