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HMRC’s High Net Worth Unit brings in £1 billion

Press release -

HMRC’s High Net Worth Unit brings in £1 billion

HM Revenue and Customs’ High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1 billion in compliance yield.

The unit, which was set up in 2009, deals with the tax affairs of the 6,200 wealthiest individual customers of HMRC – those with a net worth of £20 million or more.

Customers are assigned a relationship manager who has detailed oversight and develops a close understanding of the tax risks among these wealthy individuals. 

This maximises voluntary compliance of the majority of customers and enables HMRC to effectively challenge those who do not play by the rules. The High Net Worth Unit ensures good customer engagement with a focus on influencing behaviour to improve voluntary compliance.  

The compliance figure was revealed by David Gauke, Financial Secretary to the Treasury, as he spoke at HMRC’s annual stakeholder conference.

David Gauke said: 

“HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities. This approach is clearly working as HMRC’s High Net Worth Unit has delivered £1 billion in compliance yield. This is against targets totaling £894 million and is further evidence that the government’s investment of nearly £1 billion in HMRC to tackle avoidance, evasion and fraud is paying off.”

Notes to editors

1. Since 2009 compliance yield brought in by the High Net Worth Unit (HNWU) has increased year on year to £268 million in 2013 -14, a 20 per cent increase on the year before. Between April and June 2014 the HNWU brought in £68 million of compliance yield.

High Net Worth Unit compliance yield:

Year

Yield

Target

2013-14

£268 million

£210 million

2012-13

£222 million

£200 million

2011-12

£200 million

£195 million

2010-11

£162 million

£153 million

2009-10

£85 million

£80 million

HMRC held its stakeholder conference at the Department for Business, Innovation and Skills in London on Thursday 17 July.

2. Follow HMRC’s press office on Twitter @HMRCpressoffice

3. HMRC’s flickr channel www.flickr.com/hmrcgovuk


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Issued by HM Revenue & Customs Press Office

HM Revenue & Customs (HMRC) is the UK’s tax authority.

HMRC is responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support.

Contacts

HMRC Press Office

HMRC Press Office

Press contact 03000 585 018

HMRC Senior Press Officer - Law Enforcement Desk

Family & Law Enforcement Desk 03000 589 546

HM Revenue & Customs (HMRC) is the UK’s tax authority

HMRC is responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support.

HM Revenue & Customs (HMRC)
100 Parliament St
SW1A 2BQ London