Saturday, September 22, 2012

Millionaires face tax crackdown

Danny AlexanderDanny Alexander says HM Revenue and Customs' staff will examine tax "anomalies"

Individuals with assets of more than �1m face a new crackdown on tax avoidance, Lib Dem Treasury Chief Secretary Danny Alexander has revealed.

This will see 200,000 more people targeted by the Affluence Unit of HM Revenue and Customs.

It was first set up to study the affairs of the 300,000 with assets and property of more than �2.5m.

Mr Alexander told the Mail on Sunday the wealthiest "did best in the boom years" and so should "pay more now".

Officials would "sniff out" those not paying a fair share of tax, he added.

"The measure will apply to people with homes and assets of more than �1m."

The Affluence Unit, which has had its staff increased from 200 to 300, would cross-reference files and records to spot signs of avoidance, he said.

"They will look at anomalies and sniff out any problems."

A new drive by the coalition government to scrutinise the tax affairs of the affluent will also include separate moves to stop high-earning BBC personalities from using tax avoidance schemes and fines for footballers who do not pay the correct tax amounts.

"I am not ascribing any particular moral characteristics to footballers," Mr Alexander added. "But experts will identify warning signs, make sure their tax affairs are in order and approach the individual and 'have a conversation' if they aren't."

Source: http://www.bbc.co.uk/news/uk-politics-19690327#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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