Tuesday 2 September 2014

HMRC's £5.6BN Planned Smash and Grab

Despite the silky smooth assurances of Gauke and HMRC that the plans for DRD would only affect recalcitrant tax debtors, it seems that (as noted yesterday) there is more than a wee bit of mission creep built into the plans for DRD.
The Independent reports that the debt owed to government (the taxpayer), after more than a decade of overpaying tax credits, has now reached more than £5.6BN.
HMRC plans to seize money from around 3,000 people's bank accounts a year for overpaid tax credits, according to figures released by HMRC, in response to a Freedom of Information request by the campaign group False Economy.

Now loyal readers will recall that when DRD was first mooted, Lin Homer stated that the amount that HMRC would raise over four years would be in total around £375M.

Either she is lying, or the DRD scheme is but pissing in the wind against a debt of over £5.6BN.

Which is it, is Homer lying or is HMRC pissing in the wind?

Tax does have to be taxing.

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  1. Something weirdly wrong when the figures are extrapolated, they indicate some £2.5k/mth tax credit payments overpaid to these 3000/yr recalcitrant tax debtors?

    It will require someone with a better grasp of the abacus than me to work things out but when you apply £2.5k to the £5.6Bn things begin to look crazy with over 2m calculated. That's not a mess its a clusterfeck of immense proportions.

    If true, 2 questions;

    Whatever happened to protecting the revenue? and,
    When will Homer pay back the bonuses?

    Resign should not be an option!

  2. "Which is it?" Probably both.