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High Net Worth Unit nets £162m

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The work of HMRC’s High Net Worth Unit produced ‘additional tax yield’ of £162m in 2010/11, according to a Commons written answer.

‘The unit was created in 2009 to deal with the personal tax affairs of about 5,000 of HMRC’s wealthiest individual customers, typically those with at least £20m in wealth,’ said Mark Hoban, the Financial Secretary to the Treasury. The yield in 2009/10 was £85m.

‘Initial projections were that HMRC could achieve compliance yield of between £50m to £100m per year from the HNWU, once it was fully operational. This compares with the £25m compliance yield typically achieved from the equivalent taxpayer group by the previous organisation,’ Hoban added.

The unit comprises 440 staff in 32 teams based in Birmingham, Cardiff, East Kilbride, Edinburgh, London, Portsmouth, Shipley, Washington and Wrexham. Many of the staff joined from the previous Complex Personal Tax Teams, HMRC said. The department launched a High Net Worth Unit e-magazine in May.