The catch is historic. The British government has identified 1.5 billion pounds (1.8 billion euros) of unconcluded assets for the tax financial year 2023-2024, more than double the previous year, according to figures obtained in June by the law firm by Masons. This amount includes 652 million pounds paid by the ex-boss of Formula 1 Bernie Ecclestone, sentenced in 2023 for having failed to declare more than 400 million pounds held in a trust in Singapore.
The funds subtracted from the taxman have been identified by a special unit within the department in charge of revenue and customs (HMRC), which focuses on wealthy taxpayers and medium -sized companies. “The government wants to fill the shortfall caused by tax evasion at all costs, in order to straighten the finances of the State without having to increase taxes”underlines Fiona Fernie, partner with the tax consulting company Blick Rothenberg. In 2022-2023, the cost of tax evasion amounted to 39.8 billion pounds, according to HMRC.
Investigators in charge of tracking down fraudsters relied on a tool called Connect, based on artificial intelligence. Capable of comparing 55 billion data contained in more than 30 databases, it “Identify the hidden connections between individuals and certain income or sources of income”she says.
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Source: Lemonde