HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Wednesday, 23 October 2013

HMRC Not "Particularly Feeble"

Margaret Hodge, chair of the Public Accounts Committee, was recently quoted in the Independent as saying that:
 “It is a persistent finding of my Committee that HMRC is nowhere near tough enough in cracking down on avoidance and closing loopholes. In this case they appear to have been particularly feeble.”
The specific case that she was referring to relates to a tax exemption relating to certain high interest loans, whereby the interest element is used to reduce corporation tax. This allowance or "loophole" (as per Ms Hodge) was established in the 1980's, in order to make Britain more internationally competitive.

It is estimated that this may cost the government around £500M per annum and, as such, there has been pressure to end the allowance/close the "loophole".

However, as a result of lobbying the government has chosen to continue to allow the exemption/"loophole" to remain.

Make of that what you will.

However, to call HMRC "feeble" over a government decision is simply wrong and misleading!

Tax does have to be taxing.

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