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Tax crackdown on rich announced by Danny Alexander Tax crackdown on rich announced by Danny Alexander
(35 minutes later)
Individuals with assets of more than £1m face a new crackdown on tax avoidance, Lib Dem Treasury Chief Secretary Danny Alexander has revealed.Individuals with assets of more than £1m face a new crackdown on tax avoidance, Lib Dem Treasury Chief Secretary Danny Alexander has revealed.
This will see 200,000 more people targeted by the Affluence Unit of HM Revenue and Customs. This will see 200,000 more people targeted by the Affluence Unit (AU) of HM Revenue and Customs.
It was first set up to study the affairs of the 300,000 with assets and property of more than £2.5m.It was first set up to study the affairs of the 300,000 with assets and property of more than £2.5m.
Mr Alexander told the Mail on Sunday the wealthiest "did best in the boom years" and so should "pay more now".Mr Alexander told the Mail on Sunday the wealthiest "did best in the boom years" and so should "pay more now".
Officials would "sniff out" those not paying a fair share of tax, he added.Officials would "sniff out" those not paying a fair share of tax, he added.
"The measure will apply to people with homes and assets of more than £1m.""The measure will apply to people with homes and assets of more than £1m."
The Affluence Unit, which has had its staff increased from 200 to 300, would cross-reference files and records to spot signs of avoidance, he said. The AU which has had its staff increased from 200 to 300, would cross-reference files and records to spot signs of avoidance, he said.
"They will look at anomalies and sniff out any problems.""They will look at anomalies and sniff out any problems."
Tax investigations
A new drive by the coalition government to scrutinise the tax affairs of the affluent will also include separate moves to stop high-earning BBC personalities from using tax avoidance schemes and fines for footballers who do not pay the correct tax amounts.A new drive by the coalition government to scrutinise the tax affairs of the affluent will also include separate moves to stop high-earning BBC personalities from using tax avoidance schemes and fines for footballers who do not pay the correct tax amounts.
"I am not ascribing any particular moral characteristics to footballers," Mr Alexander added. "But experts will identify warning signs, make sure their tax affairs are in order and approach the individual and 'have a conversation' if they aren't.""I am not ascribing any particular moral characteristics to footballers," Mr Alexander added. "But experts will identify warning signs, make sure their tax affairs are in order and approach the individual and 'have a conversation' if they aren't."
The AU operates in addition to the High Net Worth Unit (HNWU), which was set up in 2009 to review the personal tax affairs of the 5,000 wealthiest people in the UK, each with a total wealth of at least £20m.
HMRC has also already launched the Offshore Co-Ordination Unit (OCU) which looks to "fully exploit the increasing amount of offshore information at HMRC's disposal, including bank account data".
In October last year, HMRC announced that it was seeking to recover £7bn per annum of tax lost through evasion and avoidance over the next four years.
The HNWU collected £162m from their enquiry work in 2010/11.