Tax Inspectors for the super - rich

An elite unit of tax inspectors that is clamping down on tax avoidance by the super – rich has doubled its take in a single year.

Her Majesty’s Revenue and Customs’ high net worth unit, which investigates the financial affairs of Britain’s richest 5,000 people, collected  £162m in 2010 – 11, up from £82m the year before.

The sums are on top of tax already paid by the individuals involved, who include hedge fund managers, bankers and celebrities.

Accountants have accused the 400 – strong team of specialist inspectors of being overzealous and embarking on “ fishing expeditions” with erroneous information from the Internet.

The size of the sums recovered, however, suggests that the current Conservative government is having more success in combating tax avoidance by the wealth than the previous Labour government.

The tax affairs of the very rich are inevitably complicated. The high net worth team is ensuring that technical complexity does not stand in the way of accuracy, so that the very rich pay the tax the law says they should.

The unit uses a range of sources to build up a database of individuals with assets of more than £20m.

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