HMRC targets wealthy 'tax cheats' in Scotland

A taskforce which aims to tackle wealthy 'tax cheats' who are living beyond their means in Scotland has been launched by HMRC.

HMRC is identifying individuals with 'badges of wealth' such as large houses, investments, aeroplanes, boats and undeclared offshore bank accounts which are not in keeping with the information they report to HMRC.

HMRC expects the taskforce to recover nearly £4.5million. It will bring together specialist officers from across HMRC to identify wealth indicators and cross reference them with the data HMRC holds about their owners.

HMRC's Michael Connolly, HMRC Taskforce Lead in Scotland, said:

'HMRC's intelligence shows that people being targeted by this taskforce have no intention of playing by the rules. They are deliberately failing to declare all their income to HMRC in a crude attempt to line their own pockets, and they will be investigated.

As a result of this behaviour, they could end up facing a heavy fine or even a criminal conviction. Those who pay the tax they are supposed to have nothing to worry about.

Using information we hold, we can target people whose lifestyle does not reflect the tax they are paying. It's not fair that a small minority are living millionaire lifestyles as a result of not paying the tax they owe.'

Internet link: Press release

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

Banks & Co is the trading name of Banks & Co Limited

© 2018 Banks & Co Ltd. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Banks & Co Ltd, 1 Carnegie Rd, Newbury, Berkshire RG14 5DJ

Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants.

In association with Wessex Investment Management Limited which is authorised and regulated by the Financial Conduct Authority and TFS Payroll Solutions Limited