Rachel Reeves and the HMRC: Tackling the Inheritance Tax Gap
Introduction
Chancellor Rachel Reeves is taking steps that may grant HM Revenue and Customs (HMRC) additional powers in an effort to recover funds lost to the annual 'tax gap' related to inheritance tax.
Background
The tax gap is a persistent issue that results in billions being uncollected each year, which places a strain on the government's ability to fund public services.
Proposal Overview
- Evaluate new measures to enhance HMRC's authority.
- Target specific compliance issues among taxpayers.
- Recover lost tax revenue effectively.
Conclusion
This potential shift in power could result in a more thorough examination of tax practices, bringing about a more equitable system for all citizens. If enacted, it would symbolize a significant move by the Labour Party aimed at ensuring that everyone pays their fair share.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.