HMRC broadens wealth probe net
The Times reports on the growth in HMRC’s Affluent Unit which investigates those with an annual income of more than £150,000, or a net worth of £1m. The unit has taken on 68 new inspectors this year, bringing the total to 395. Meanwhile, HMRC’s High Net Worth Unit now investigates individuals with wealth greater than £10m after having reduced its entry criteria by £10m. The Times suggests the Revenue is becoming increasingly sophisticated in its investigations following the introduction of its Connect computer system, which it uses to cross-reference returns against data gathered from a multitude of sources. However, obstacles remain, with the FT reporting that the Law Society will oppose attempts by HMRC to force lawyers to divulge the names of clients with offshore trusts and companies.
Source: The Times (21/01/2017)