Last week I wrote a blog on whether the UK needed the super-rich to contribute more to the economy and suggested that simply eradicating the loopholes would generate enough cash to inspire the government growth forecast to improve.
I have just read an article reporting that the HM Revenue and Customs’ (HMRC’s) High Net Worth Unit (HNWU) has generated £500m in extra tax from the UK’s wealthiest people since its launch three years ago.
So I was right!! We do need the rich and filling the loopholes is working. It’s also comforting to know that we are now set up to chase those who slip through cracks of the tax system, it just a shame that the special unit wasn’t set up before 2009.
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