• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

A third of British super-rich are under tax inspection

Do the very rich pay their fair share of taxes? The general consensus across the country would probably assume they don’t, well a new report seems to confirm our suspicions. A third of British super-rich people are having their tax situation investigated. Some people may also be surprised that it is only a one in […]

Joe Mellor by Joe Mellor
November 1, 2016
in Business, Finance, News

Do the very rich pay their fair share of taxes? The general consensus across the country would probably assume they don’t, well a new report seems to confirm our suspicions.

A third of British super-rich people are having their tax situation investigated. Some people may also be surprised that it is only a one in three of the richest people who might be fiddling the system, but it is at least a start.

HM Revenue and Customs (HMRC) is running a ‘formal enquiry’ regarding over 2,000 “high net-worth individuals” – which equates to people earning £20m or more.

A report by the National Audit Office has found that there are investigations into around £2bn in underpaid tax by the wealthy elite in the UK.

The super-rich of the UK have tax agents to control their “complex affairs”, the National Audit Office reports, and 15% are believed to have accessed tax avoidance schemes. These investigations are into avoidance and legal interpretation of complex tax issues.

The HMRC inspectors did manage to claw back £4.3billion tax from Britain’s 6,500 super rich last year. However, only ONE person has been put in front of the courts and prosecuted for tax evasion in the previous five years.

Meg Hillier, chair of the Commons Public Accounts Committee, said: “I am pleased to see HMRC is beginning to link these individuals to the businesses and trusts they are also involved in, to help tackle the £1.9billion of tax that is potentially at risk.

RelatedPosts

Nazanin Zaghari-Ratcliffe freed – but may face new charges in Iran

1% NHS pay rise ‘an insult’, says son of nurse killed by Covid-19

Brexit is battering UK-EU trade flows, shocking figures show

Nasa’s groundbreaking Mars rover hits the dusty red road in first trip

“The Committee will be watching carefully to see how effective HMRC’s reorganised customer compliance team proves to be.

“And to see the outcome of HMRC’s proposals to sanction those who market these schemes, including the wealthy individuals promoting tax avoidance to one another.”

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Tags: featured
Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

How To Make: Beef Cabbage Stir-fry

How To Make: Beef and Cabbage Stir-fry

‘We gave as much as we possibly can’ to NHS heroes, Boris claims

Nazanin Zaghari-Ratcliffe freed – but may face new charges in Iran

Image by AdobeStock

Weather forecast, alerts and UVB index for London, Sunday 7 March 2021

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.