• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
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
2016-11-01 12:23
in Business, Finance, News
FacebookTwitterLinkedinEmailWhatsapp

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.

“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.”

RelatedPosts

Unite secures 28% pay rise for hundreds of Luton airport workers

Woman dies from hypothermia after telling her doctor she ‘couldn’t afford heating’

Serving Met Police officer pleads guilty to child sexual offences

BBC chairman set to be grilled by MPs amid questions over Boris Johnson loan

Tags: featured

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 .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Wee-drinking London mayoral candidate vows to pull off ‘biggest upset in political history’

The “property” Oscars 2015

Derek Chauvin cuffed and led out of court after being found guilty of murder and manslaughter in George Floyd case

Brexit has made Irish unity debate ‘mainstream’, says Northern Ireland MP

Gillian McKeith mocked after voicing her support for yesterday’s anti-lockdown protests

Government quietly scraps scheme to put homeless people in hotels

Gossip – Liverpool star to leave? Man Utd to land defender?

Tory sleaze: MPs to vote on Paterson committee reforms – again

6 Tips For Mastering Instagram For Your Business

How to make culture a business priority

JOBS

FIND MORE JOBS

About Us

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

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

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

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
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

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