You now have it from the horse’s mouth – HMRC have reported that their taskforces have recovered more than £500 million since they were launched five years ago.
The targeted bursts of enforcement activity have brought in progressively higher amounts every year, and the total now stands at more than £540 million. This includes nearly £250 million raised in 2015-16 alone, almost double the previous year’s yield.
Since 2011, HMRC has launched more than 140 taskforces targeting sectors that are at the highest risk of tax fraud including the retail sector, the tobacco industry and the adult entertainment industry.
Jennie Granger, Director-General for Enforcement and Compliance at HMRC, said:
“The message is clear: if you try to cheat on your tax, we are going to catch you. A small number of people still think they can cheat the tax system; these figures prove we can track them down and take back what they owe.”
“We have increasing levels of intelligence, and use state-of-the-art digital tools to help us to identify and target high-risk areas.”
Taskforces are just one strand of HMRC’s compliance strategy, which brought in a record £26.6 billion in 2014-15, up 43% from 2011-12.
Nearly 50 new taskforces were launched last financial year, including ones targeted at property, partnerships and hidden wealth. In 2015, a single taskforce focused on Income Tax led to 45 arrests for tax evasion and fraud.
Money brought in through taskforces in previous years:
Year Taskforces yield
2011-12 £24.3 million
2012-13 £47 million
2013-14 £85 million
2014-15 £138.1 million
2015-16 £248 million
Looking at the figures, one cannot miss the fact that the yield has almost doubled each year over a 5-year period. It begs the question whether 2016/2017 will double to £500 million in one year!
Taskforces were first launched in spring 2011 as part of HMRC’s compliance strategy to tackle tax evasion and fraud and bring together various HMRC compliance and enforcement teams for intensive bursts of activity targeted at specific sectors and locations where there is evidence of high risk of tax evasion and fraud.
