Back in January we reported that HMRC had raised an extra £20.7 billion in additional revenue for the financial year 2012-13 as a result of it’s drive on tax compliance and a massive crackdown on tax avoidance by organisations and individuals alike. Now we can confirm that the financial year 2013-14 figures are in and HMRC has increased their haul to £23.9 billion in additional tax for the year – an all time record and one which represents 5% of the total tax yield for the year. This is an increase of £3.9 billion on the year before and it’s up a whopping £9 billion compared to 3 years ago. George Osborne will be doubly pleased because this year’s figure also beats the target he set in his Autumn Statement by £1 billion clear.
Of the £23.9 billion raised in these latest figures, £8 billion is derived from large businesses, £1 billion from criminals and a further £2.7 billion is the result of successfully tackling tax avoidance schemes in the courts. That leaves £12.2 billion which we Read more