One Third of the "Super-Rich" are Being Investigated for Tax Fiddling

By Gary Cutlack on at

The National Audit Office has released a collection of data covering the tax affairs of the super-rich in the UK, saying that around one third of all people in the richest of the rich category are being investigated by the tax department in some way or another due to the complicated tax worlds they live in.

At stake is a haul of unpaid tax that could add up to £1.9bn if it all comes good for HMRC, with the tax collector having already taken £416m in undeclared dues from its compliance work in the year ending April 2016.

HMRC says there's around 6,500 "high net worth individuals" in the UK right now, so around 2,000 of those must be sweating it out at the moment as tax officials ask their accountants to better explain the shuffling of their money through countries, mattresses and other potential line-crossing avoidance schemes.

NAO boss Amyas Morse said: "The tax affairs of the wealthiest in society are complex, making it harder for HMRC to ensure that they are paying the right amount of tax. HMRC's specialist team gives it a better understanding of the tax affairs and behaviours of these taxpayers. While the yields from HMRC's work in this area have increased it needs to evaluate what approaches are the most effective and to understand the outcomes it achieves." [National Audit Office]

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