News: November 2012

High net worth unit

You may be delighted if HMRC use this unit to look after your tax, as it means you have substantial assets. However, according to HMRC it also means that you are more likely to be inclined to seriously consider a variety of ways of reducing your tax bill!

Cases looked after by HNWU are regarded as higher risk. Each taxpayer undergoes a risk assessment exercise annually, with low risk scores resulting in far less chance of selection for an enquiry. HMRC claims to provide a HNWI with a tailored service through proactive engagement, with a single point of contact and a holistic approach to their tax affairs. As most HNWIs will have a tax agent, that approach seems of little consequence.

HMRC expected to collect an extra £100 million of tax each year through their HNWU, but in fact doubled that in 2011/12.

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