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Wealthy complexities
Key points
- Most wealthy people want to pay the correct amount of tax and rely on their advisers for this.
- Some HMRC officers dealing with enquiries have inadequate relevant technical knowledge and experience.
- Benefits of having a customer compliance manager.
- Concerns about unqualified tax advisers and whether there should be a regulator.
- Would moving the tax year end to 31 December make tax reporting simpler for taxpayers?
HMRC wants to understand how it can encourage more co-operative relationships with the wealthy and their agents with the aim of driving up voluntary compliance and improving the health of the tax system.
As part of this process it commissioned researchers who undertook a small number of interviews (37) with wealthy individuals and agents. The report was published in June 2021 (tinyurl.com/4hdr7kdh).
What is the right focus for HMRC?
HMRC’s research focuses on wealthy individuals with the criteria...
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