Pressure on two main parties as tax gap hits record £40bn
Huge shortfall between tax owed and tax paid puts issue of avoidance in the election spotlight The gap between tax revenue the UK government expected to raise and the amount paid annually has hit a record £40bn, putting extra pressure on both main parties over their pledges to crack down on tax avoidance.HM Revenue and Customs (HMRC) said there was a shortfall of £39.8bn in the 2022-23 financial year, up from £38.1bn a year earlier. This represents 4.8% of the amount of tax theoretically due, down from 5.2% in the previous financial year. Continue reading...
Huge shortfall between tax owed and tax paid puts issue of avoidance in the election spotlight
The gap between tax revenue the UK government expected to raise and the amount paid annually has hit a record £40bn, putting extra pressure on both main parties over their pledges to crack down on tax avoidance.
HM Revenue and Customs (HMRC) said there was a shortfall of £39.8bn in the 2022-23 financial year, up from £38.1bn a year earlier. This represents 4.8% of the amount of tax theoretically due, down from 5.2% in the previous financial year. Continue reading...
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