Financial News

  • 28 May 2014, 13:02

Taxman Investigations Rake In Record 24bn

A record 23.9bn has been collected through investigations by taxmen over the last year, official figures have revealed.

The total was an increase of 3.2bn on the previous 12-month period and 9bn on three years ago.

HM Revenue and Customs said it was nearly 1 billion above the target set by Chancellor George Osborne in his 2013 autumn statement.

More than 8bn has been raked in from large business, 1bn from criminals and 2.7bn through tackling avoidance schemes in the courts.

Exchequer Secretary to the Treasury David Gauke said: "The Government supports the hard-working, honest majority of taxpayers that play by the rules, and is determined to tackle the minority that seek to avoid paying the taxes they owe.

"We set HMRC ambitious targets to increase its yield and the figures published today demonstrate that HMRC is successfully meeting these challenges.

"It also sends a clear signal - HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due."

HMRC investigated the tax affairs of 237,215 people in 2012/13, compared with around 119,000 in 2011/12.

In 2013, 690 tax fraudsters and benefit cheats were convicted following probes by HMRC officials.

The number was an increase on the 477 convictions in the previous 12 months - and led to sentences totalling 355 years in prison.

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