Billed as the elite division of HMRC, the High Net Worth Unit, or HNWU as it is referred to, has taken steps to track down wealthy tax dodgers. As a result, they have now collected six times what they had collected two years ago and in the coming years that number is forecast to increase again.
As revealed in Parliament, HNWU was able to recover £162 from the wealthiest of the wealthy whilst just a couple years ago that amount was only around £25. A spokesperson for HMRC stated that a vast majority of extremely wealthy taxpayers are above board and honest but there is a small portion who seeks to bend and break the rules. It is these that HMRC is going after and according to the spokesperson, they will take any action necessary.
Statistics indicate that there are approximately 5000 of the wealthiest UK individuals dealt with by HNWU. These are people with at least £20 or more in net worth. However, this may be just the beginning as HMRC are looking to reclaim literally billions of unpaid taxes. The amount is estimated to be approximately £45bn per year lost in unpaid taxes which could go a long way towards easing the troubled economy.
Tax schemes which are aimed at avoidance are a top priority and amongst this group are those who seek to shelter their wealth in Swiss bank accounts. A deal was struck up with the Swiss in which the UK will have access to many of those records. In the interim, HNWU is working closely with accountants, tax agents and technical advisors to get the matter sorted out and unpaid taxes under control. In so doing, the very wealthy will be made to pay their fair share according to UK tax law.
