The UK tax authorities announced a special “high net worth unit” was formed to identify the top 5,000 earners and examine their tax matters. The unit will focus particularly on complex asset portfolios, including offshore property, shares and transactions. Tax evasion penalties also grew to massive 70%, if deliberate tax fraud intention is proved.
“We will be engaging with these customers and their agents to help them ensure they pay the right amount of tax,” explains a Revenue spokesman – meaning, we now want you to come out and pay up.
HMRC now has a greater authority to inspect financial records, even of those working from home, with little or no notice.