Tax fraud

Guide: Consequences of tax fraud

Last October, the chancellor Philip Hammond announced new measures to clamp down on tax evasion, with a target of raising £2.1 billion by 2023. Narrowing what’s known as the ‘tax gap’ has already resulted in success, with Her Majesty’s Revenue and Customs (HMRC), announcing a gap of 5.7% between 2016-2017 last summer. To put this into context, if the gap had remained at 2005/6 levels, this would have resulted in a loss of £71 billion that could have been spent on public.

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