HMRC renews trust tax focus as HNW underpayment grows

The amount of tax that HMRC believes has been underpaid by wealthy individuals relating to trusts has jumped by 32% in the past year, to £80.3m, up from £61m the previous year, according to international law firm RPC. RPC said the revenue had also sharply increased its estimate of the amount of money that it suspected has been underpaid by wealthy individuals through the avoidance of stamp duty land tax - that has jumped 24% to £70.7m, up from £48.3m in 2020/21. It added that HMRC was making increasing use of information shared by overseas tax authorities to identify wealthy individua...