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.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

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

  • RT @BlackstockPR: "The government needs to grasp that mounting rent arrears are a serious economic issue that will impact many buy-to-let l…
  • "The government needs to grasp that mounting rent arrears are a serious economic issue that will impact many buy-to…
  • RT @YourMoneyUK: New £1bn fund to remove dangerous cladding from tower blocks

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...