Since 2007, HMRC campaigns have collected over £610 million in tax from people making voluntary disclosures of undeclared income and/or overstated expenditure, with over £395 million brought in from follow up activity after the disclosure window has closed.
|Campaign||Total Revenue as at 31 January 2015|
|Tax Health Plan||£70,961,034|
|Tax Catch Up Plan||£2,968,808|
|Value Added Tax Outstanding Returns||£38,696,945|
|Plumbers Tax Safe Plan||£22,166,777|
|Electricians Tax Safe Plan||£15,803,609|
|Tax Returns Initiative||£86,279,162|
|My Tax Return Catch Up||£33,137,621|
|Offshore Disclosure Facility||£512,190,000|
|Offshore New Disclosure Opportunity||£156,923,070|
|Campaigns Consequential Disclosures*||£5,536,921|
|Health Well Being Tax Plan||£936,315|
|Second Income||Update due 2015/16|
|Credit Card Sales||Update due 2015/16|
|Solicitors Tax Campaign||Update due 2015/16|
*These disclosures are from individuals not targeted by any campaign who have voluntarily come forward.
HMRC says less than 500,000 taxpayers are registered as owners of second properties and it believes the true figure is closer to 1.5m. 9,500 landlords have taken advantage of the Let Property Campaign so far, which suggests the average yield per disclosure is around £2100.
Author: Guy Smith, Tax Investigations Manager on the ReSource Tax and VAT Consultancy Team.