HMRC collects £1bn from targeted tax campaigns

With just over a month to go to the 31 January self assessment tax return deadline, HMRC has published details of the tax collected as a result of its targeted campaigns, which shows that half the almost £1bn collected was due to its crackdown on offshore tax havens.

Since 2007, HMRC has raised £512m from its Offshore Disclosure Facility and a further £156m from the Offshore New Disclosure Opportunity.

Over the period, HMRC has run a series of campaigns to encourage taxpayers in particular industries or business sectors to pay any tax which may be due or which they may have miscalculated originally.  The total additional tax brought in as a result currently stands at £988,801,797.

The figures show that Plumbers Tax Safe Plan brought in over £22m and the Electricians Tax Safe Plan over £15m. Tackling VAT outstanding returns produced almost £38m

In contrast, campaigns targeting property sales and let property brought in about £7m each, and although action on e-marketplaces produced £9m, specific activity around direct selling resulted in under £500,000 of additional tax revenues.

Current HMRC campaigns are focused on solicitors, credit card sales, second incomes and let properties.

Details of past and present campaigns are here: https://www.gov.uk/government/policies/reducing-tax-evasion-and-avoidance/supporting-pages/hmrc-campaigns

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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