New HMRC Scheme to Combat Tax Fraud
In a bid to reduce the UK’s £7.5 billion tax gap, HM Revenue and Customs (HMRC) has introduced a new scheme offering up to 25% cash rewards to individuals reporting tax fraud by large corporations and wealthy individuals, inspired by the U.S. model. Chancellor Rachel Reeves highlighted the importance of incentivizing whistleblowers, as currently, HMRC only provides modest discretionary rewards. The new scheme will focus on serious non-compliance and aims to protect informants, enhancing the rewards to encourage reports of significant fraud cases.
