Net worth unit brings in the money
27 August 2014
The High Net Worth Unit, which was established in 2009, is a specialist dicition which deals with the tax affairs of the 6,200 wealthiest individual customers of HMRC in the UK. These people have a net worth of £20 million or more. They are assigned a relationship manager who has detailed oversight and who develops a close understanding of the tax risks among these wealthy individuals.
HMRC said that this maximised voluntary compliance of the majority of customers and enables it to effectively challenge those who 'do not play by the rules'.
David Gauke, Financial Secretary to the Treasury, said: "HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities. This approach is clearly working as HMRC's High Net Worth Unit has delivered £1 billion in compliance yield. This is against targets totaling £894 million and is further evidence that the Government's investment of nearly £1 billion in HMRC to tackle avoidance, evasion and fraud is paying off".
It makes a pleasant change to hear that in amongst all of the stories about people avoiding paying what they owe, it seems that plenty of people are playing fair and coughing up.