Wealth investigations yield record tax take
Taxes collected from investigations of wealthy individuals has reached a record high. New research from Pinsent Masons shows HMRC's yield from probes into wealthy individuals jumped 58% to a record £1.9bn in 2018/19. Investigations in the wake of the Panama Papers, which involved an unprecedented data leak revealing new information about secretive offshore tax regimes, yielded an extra £190m alone. "HMRC's data-led approach is proving incredibly effective - the taxman's reach has never been longer than it is now," said Steven Porter, a partner at Pinsent Masons.