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Rachel Reeves revealed in her Budget that the government continues to focus on closing the tax gap, with new measures set to raise an additional 2bn in tax revenue by 2029-30.
The Chancellor pledged that the government will target “fraudulent businesses” that don’t pay their tax by providing HMRC with new compliance powers.
A large number of HMRC administration, compliance, and debt-collection measures were announced, estimated to raise an additional 2.3bn by 2029-30.
The reforms, on top of those revealed in the Budget last October, are set to raise the total additional revenue from closing the tax gap to 10bn in 2029-30.
A report that tax evasion cost 5.5bn in 2022–23, equivalent to around 0.7 per cent of all taxes owed, but as noted by a Public Accounts Committee (PAC) report, this figure could be “just the tip of the iceberg”.
One of Reeves’ plans included revealing a to combat large-scale tax fraud, which was reported earlier this month.
The Budget explained that it will be launching a “strengthened reward scheme” for informants who provide valuable information, which allows HMRC to tackle high-value avoidance or evasion, modelled on the US scheme.
Lloyd Firth, partner at WilmerHale, said: “Leaving aside detailed technical considerations of how the scheme will work in practice, this is a welcome and very positive development.”
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