HMRC emerged as the Chancellor’s pet department in the Autumn Statement. With billions of pounds of cuts promised for central government departments over the next two years, HMRC escaped unscathed. Instead the chancellor confirmed the £77m package to fight tax avoidance announced on Monday.
In the detailed statement, a total of £155m was promised to increase compliance and revenue as well as expanding online service delivery and the reduction of tax credit errors and fraud. The extra amount will be made up of additional funding and reinvestment. The initiatives would contribute an extra £2bn to HMRC’s revenues in 2014-15 and reduce tax credit losses by more than £1bn over the next four years, the statement said.
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About John Stokdyk
AccountingWEB’s Head of Insight has been with the site since 1999 and likes to spend his time studying accountants’ technology habits. When not nerding out, you can find him exploring obscure indie music and searching for the perfect organic sourdough loaf from his base in Brighton, UK.