HMRC has published its single departmental plan which sets out its objectives for the coming year. The plan highlights three key objectives with additional detail supporting these themes. The key objectives are:
In comparing some of the detail in this plan to last year’s there are some interesting points to note:
Increase in compliance revenues
HMRC is anticipating an increase of £4.5bn in compliance revenues from last year’s target of £30bn. Some of this increase may arise through settlement activity which is expected to deliver £1.3bn in revenues in the year (an increase of £0.3bn).
What is also interesting is that revenues from Accelerated Payment Notices (APNs) is expected to reduce from £450m to £170m. This fall is almost certainly due to the nature of the APN legislation which was designed to target tax avoidance arrangements - most of these historic schemes have already been subjected to APNs which require taxpayers to pay the tax under dispute in advance of the issue being agreed.
