HMRC started to tighten their grip on tax avoidance last year. It has been reported that £373 million in revenue was received as a result of targeting tax avoidance schemes. This represents a 21% increase on the previous year.Figures obtained under the Freedom of Information Act show the result of action taken by special HM Revenue & Customs' teams set up to tackle tax avoidance.
The haul was revealed by law firm McGrigors, under the freedom of information act. The increase in revenue is 360% higher than five years ago.
The campaign has been used to help plug the hole in the public finances.
It is believed that many old schemes are still being used and it is only a matter of time before HMRC catches up with them.
Investment bankers and hedge fund managers were among HMRC’s main targets, as were foreign nationals.
Tax avoidance that are designed for inheritance tax planning, capital gains tax and stamp duty have been closed down. The rules on trusts have also been given an overhaul, making it much harder to use them to reduce tax.
