HMRC Revenue Jumps 14% After Offshore Crackdown

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The taxman’s efforts to crack down on hidden money offshore has seen a 14% jump in revenue for HM Revenue and Customs, the Financial Times reports.

In the 2018-19 financial year, HM Revenue & Customs’ offshore, corporate and wealthy unit netted £560m from investigations into British taxpayers with offshore assets and income, up from £490m in 2017-18; a 14%. The data also revealed a 72% increase in tax collected since 2016-17 when £325m was raised.

The figures mark the second year of stark growth for the offshore, corporate and wealthy unit. Back in 2016-17, £325m was raised by the team, the figures obtained by the FT after a Freedom of Information Act reveal from payroll and tax compliance firm Access Financial.

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