HMRC have launched a taskforce to seize tax evaders in the jewellery trade in the Midlands.
Taskforces are specialist teams that engage in high intensity investigative and enforcement work in specific areas of the UK, which have been identified as high risk.
The current operation in the Midlands is expected to recover £2.5 million from tax dodgers.
During the operation members of the task force team will visit traders, who they have reason to believe aren’t paying all the tax they should be, and will examine their records. Anyone found guilty of tax evasion, avoidance or fraudulent activity during the operation will face penalty fines and possibly criminal prosecution.
HMRC have introduced taskforces as part of the Government’s 2011-2012 £917 million spending review investment into tackling tax evasion, avoidance and fraud. The department is expected to salvage over £50 million from tax dodgers because of the use of taskforces in 2011-12. The total expected to be raised from taskforces this year is over £90 million.
The Governments overall aim in its investment in managing tax evasion is to make an additional £7 billion each year by 2015.