Reeves set to bring in US-style whistleblowing pay for HMRC

cityam11-10

HMRC is expected to rollout US-style whistleblowing scheme Chancellor Rachel Reeves is set to reveal a US-style whistleblower scheme to combat large-scale tax fraud.Later this month, HMRC is expected...

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scheme, according to the Financial Times, which could pay informants as much as 30 per cent of any taxes collected as a result of tip-offs.The new US-style incentive programme will be the first of its kind in the UK, as the traditional approach in Britain towards whistleblowing is that people should report wrongdoing without a monetary incentive.The most recent estimate is that tax evasion in the UK reached 5.5bn in 2022–23, but as suggested by the Public Accounts Committee , this figure could be “just the tip of the iceberg”.The Treasury has also lost 47bn over the 2023-24 tax year in unpaid taxes.As Reeves has a fiscal hole to fill, she is expected to use her Autumn Budget speech to outline the new tool HMRC is gaining to tackle unpaid tax.Focus on closing tax gap 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(PAC), this figure could be “just the tip of the iceberg”.\n\nThe Treasury has also lost £47bn over the 2023-24 tax year in unpaid taxes.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs Reeves has a fiscal hole to fill, she is expected to use her Autumn Budget speech to outline the new tool HMRC is gaining to tackle unpaid tax.Focus on closing tax gap The new scheme will target higher-value tax fraud and is expected to supercharge the government’s enforcement 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