Crackdown launched on hidden wealth in London

A taskforce tackling tax dodgers who hide their wealth was launched today by HM Revenue and Customs (HMRC).

The taskforce targeted at individuals and businesses in London and East Anglia, aims to tackle people with offshore accounts and those living lifestyles beyond their obvious means through assets from undeclared income.

HMRC has seen an increased risk of fraudulent activity in hidden wealth and the taskforce is expected to recover £2.4 million. A taskforce is also being launched in South Wales.

Taskforces are specialist teams that undertake intensive bursts of activity in specific high-risk trade sectors and locations in the UK. The teams visit traders to examine their records and carry out other investigations.

David Gauke, Exchequer Secretary to the Treasury, said:

“The people being targeted by this taskforce have no intention of playing by the rules. This Government has made it clear that we will not tolerate tax evasion and we have provided HMRC with the resources to crack down on those who break the law.”

HMRC has collected more than £130 million as a result of taskforces launched since 2011-12. It expects to bring in over £90 million from taskforces launched in 2014-15.

HMRC’s Jennie Granger, Director General of Enforcement and Compliance, said:

“HMRC taskforces are deployed in sectors and areas where we've detected a high risk of tax evasion. If you haven’t declared all your income we will find you and investigate. Not only could you face a heavy fine, but a criminal prosecution as well.”

If you know anyone who is evading their taxes, you can tell HMRC by calling the Tax Evasion Hotline on 0800 788 887.

Other taskforces being launched today will target:

• restaurants in London and East Anglia 
  
• construction industry in the Midlands
  

HMRC is currently running the third stage of an evasion publicity campaign, using traditional and non-traditional advertising, including radio, train car panels, washroom posters and mirror stickers. The campaign works alongside existing compliance activity such as data collection, taskforces and enforcement to raise awareness among those breaking the rules that HMRC is closing in on undeclared income.

Notes for editors

1. Taskforces bring together various HMRC compliance and enforcement teams for intensive bursts of activity targeted at specific sectors and locations where there is evidence of high risk of tax evasion and fraud. 

2. HMRC has launched 70 taskforces since 2011. A further 30 are planned for 2014-15. 

3. Taskforces have been made possible by the Government’s £917 million spending review investment to tackle tax evasion, avoidance and fraud from 2011-12, which aims to raise an additional £7 billion each year by 2014-15. 4. Follow HMRC on Twitter @HMRCgovuk 5. HMRC’s Flickr channel www.flickr.com/hmrcgovuk