HMRC scoops extra £11m as team targets wealth up-and-comers

clock

A clampdown on suspected tax avoidance among taxpayers with rapidly rising wealth has netted HMRC an extra £11.5m since it began targeting the group in 2012, according to calculations.

Investigations by HMRC's ‘rising stars' unit resulted in the collection of £6.6m extra tax in 2013-2014, a 35% increase on the £4.9m collected the previous year, says international law firm Pinsent Masons. HMRC launched its ‘rising stars' team in 2012 to investigate the tax affairs of individuals with rapidly growing incomes and a net worth of at least £15m. It also targeted anyone considered to have the potential to meet the £20m wealth criteria for the high net worth unit within the next five years. Targeted individuals are likely to include those rising through the ranks at financi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Advisers see higher client demand as tax changes and rumours cause confusion

Advisers see higher client demand as tax changes and rumours cause confusion

See opportunity to provide ‘much-needed’ clarity

Isabel Baxter
clock 23 April 2025 • 2 min read
HMRC to raise £110m per year by cutting IHT relief on AIM shares

HMRC to raise £110m per year by cutting IHT relief on AIM shares

Will make gifting a more attractive option to investors

Isabel Baxter
clock 22 April 2025 • 2 min read
Advisers worry about pension and IHT changes as clients feel impact

Advisers worry about pension and IHT changes as clients feel impact

Advice landscape has ‘fundamentally shifted’

Isabel Baxter
clock 20 March 2025 • 2 min read