HMRC’s compliance drive gathers pace

HMRC brought in an extra £30 in tax for every pound spent on investigations into wealthy individuals in the year to 31 March 2023 up from £28 in 2021-22 according to research by Pinsent Masons.

HMRC’s large business directorate generated £58 in tax for each pound spent up from £56 the previous year. However the biggest increase in yield per pound was for the counter avoidance directorate which focuses on marketed tax-avoidance schemes. Its yield increased 45% to £16 for every pound spent up from £11 the previous year.

Steven Porter partner and head of tax disputes and investigations at Pinsent Masons said: ‘Investing in the staff and technology to chase wealthy individuals is paying handsomely for HMRC – high net worths should expect this trend to continue. HMRC will continue allocating teams of investigators to...