You are here: Home - Household Bills - News -

Third of UK ‘tax gap’ due to evasion or avoidance

Written by:
A third of 'tax-gap' in the UK is solely down to tax avoidance and evasion, says HMRC.

Nearlya third of the UK ‘tax gap’ – the difference between what is owed to Her Majesty’s Revenue & Customs (HMRC) and what is collected – is due to tax avoidance or evasion, according to the latest estimates.

Figures for 2010/11 have put the tax gap at £32bn, £1bn higher than that recorded in 2009/10 and 6.7% of total liabilities, HMRC said.

A total of £9bn of this gap relates to tax avoidance and evasion.

HMRC said tax is not collected for a number of reasons, including evasion and avoidance, as well as customer error, the hidden economy and criminal attacks.

HMRC says tax avoidance “is not the same as legitimate tax planning”.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Buffett’s alpha: secrets of a successful investor

A new paper, 'Buffett's Alpha', claims to have identified the main factors that have driven Warren Buffett's extraordinary record in...