HM Revenue & Customs’ yield from investigations into ‘wealthy individuals’ rose to £1.8bn in the 2018/19 tax year, up from £1.2bn the previous year.
The number of compliance checks led by HMRC has also risen with many investigations ongoing.
HMRC started to receive cross-border information last October via the common reporting standard (CRS), and over 100 countries have now signed up to share financial data.
HMRC’s Connect database also continues to gather information from an increasingly wide range of sources, and this approach is clearly proving very effective.
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