The tax fraud team at HMRC has collected £5.47 billion in owed tax over the past year, representing a 7% increase on the previous year. The FIS (Fraud Investigation Service) was established in 2015 with the sole objective of tackling high-value tax evasion and tax fraud cases. The 7% increase in taxes recovered equates to £300 million in tax revenue.
An international law firm claims that the increase could be down to the growing political pressure faced by HMRC to successfully recover tax both at home in the UK and abroad. HMRC are looking to further streamline the tax recovery process by getting quicker and easier access to third party information that could support their investigations, such as bank accounts and social media content.
One of the FIS's most notable successes since it’s launch was the recovery of £4.6 million from an organise crime group in Glasgow. The group were under investigation for suspected benefit fraud, mortgage fraud and money laundering. They were subsequently found guilty on these counts and the £4.6 million was successfully recouped.
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