Haul from offshore investigations rises by 72%

The tax collected by HMRC from investigations into taxpayers with offshore assets and income exceeded £560m in 2018-19.

According to data obtained by Access Financial under a Freedom of Information Act request the offshore corporate and wealthy unit which sits within the fraud investigation service at HMRC has increased its tax haul by 72% over the past two years rising from £325m in 2016-17.

The new team which targets high-net-worth individuals and businesses with undeclared offshore interests started 827 investigations in 2018-19 producing an average of £677 146 each. This is a significant increase on the yield in 2016-17 when 842 investigations were undertaken resulting in £325m of additional tax – a yield of £385 986 for each enquiry.

The global payroll and contractor accountancy firm said the offshore corporate and wealthy unit was founded at the time of the Panama Papers...