Latest News

2,250 tax inspectors in super rich crackdown

A crack team of more than 2,000 tax inspectors is to be set up by HM Revenue and Customs to target tax avoidance and evasion.

The move was announced by Chief Secretary to the Treasury, Danny Alexander, during his speech to the Lib Dems’ autumn conference.

The team of 2,250, with more than 1,000 of these jobs being advertised this month, will target an estimated 350,000 UK residents whose personal wealth exceeds £2.5m.

During his speech Alexander also pushed the coalition Government to increase the income tax threshold to £12,500 from £10,000.

Refuting suggestions to cut taxes for the wealthiest, he told the conference: “If we are all in this together, those with the broadest shoulders must bear the greatest burden.

“Fair taxation of the wealthiest is key to our deficit reduction plan. Of course, if a better way can be found to raise money from this group, I will be willing to consider it.

“But right now we must focus relentlessly on those who are struggling, and we need to make sure that tax owed is tax paid.”

Alexander also hinted at support for a “mansion tax” to capture revenue from owners of substantial property.

The latest proposals will see the creation of new council tax “superbands” in areas of high property values and additional taxation on house sales.

LINK: 2,250 tax inspectors lined up for avoidance focus