HMRC’s wealthy external forum is sending reminder letters to wealthy taxpayers to file tax returns for 2018-19, 2019-20 and 2020-21. These taxpayers are asked to file self-assessment returns by 22 August 2022.
Adam Craggs, head of RPC’s tax disputes group, said: ‘Recipients of these letters who take no action may well find that HMRC escalate matters, and they may commence a full scale investigation into their tax affairs.’
HMRC’s latest tax gap report estimates that the gap for ‘wealthy’ taxpayers (those with income greater than £200,000 or assets of more than £2m) was estimated at £1.2bn in 2020-21.
HMRC Measuring Tax Gap report: tinyurl.com/GOVTaxGap
