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Revenue increases its take from wealthy taxpayers. Pearson May News Update - Wednesday 17 February
- Revenue increases its take from wealthy taxpayers
- Outlook for savers worsens as inflation rises again
Revenue increases its take from wealthy taxpayers
The level of tax collected from wealthy taxpayers has risen by 360 per cent over the past five years, it has been revealed.
In 2008/09 alone the amount of tax paid by high net earners totalled £373 million, a 21 per cent increase on the figure for the previous year.
The increase is the result of a more rigorous approach by HM Revenue and Customs (HMRC) to the tax affairs of cash rich Britons and foreign nationals.
HMRC's high net worth unit has been investigating several avoidance schemes that have been used by wealthy individuals.
The data was obtained by law firm, McGrigors, under the Freedom of Information Act.
However, HMRC estimates that the tax take from high earners will fall. The number of higher-rate taxpayers is forecast to drop from 3.89 million in 2007/08 to 2.9 million in 2009/10.
The amount of income tax paid by the wealthy is also expected to decline over the same period from £91 billion to £75.1 billion.
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