Record HMRC penalties

HMRC tax penalties hit record high

The value of HMRC tax penalties surged by 25% between 2022 and 2023, with the £851m in penalties imposed between November 2022 and October 2023 marking a record high. The total was up from £681m in 2021/22, according to data. The report said the increase in penalties has put additional pressure on struggling taxpayers and businesses, who are already dealing with high interest rates and the threat of recession.