NAO exposes HMRC tax avoidance failure
The National Audit Office (NAO) has highlighted HMRC’s inability to properly monitor tax avoidance, which is costing the country billions of pounds.
The NAO report, ‘Tax avoidance: tackling marketed avoidance schemes’, reveals HMRC is stretched and facing an uphill battle against avoidance. According to the report HMRC is dealing with a backlog of 41,000 cases with up to £10.2bn at stake.
HMRC claims to have successfully challenged 40 schemes in the last two years; however the spending watchdog says the Revenue “must push harder”.