HMRC raises £4.6bn tax using data tool in 2024-25
HMRC raises £4.6bn tax using data tool in 2024-25

HMRC raises £4.6bn tax using data tool in 2024-25

News summary

HM Revenue & Customs (HMRC) has increased its tax collections by £4.6 billion in the 2024-25 tax year using its advanced big-data system known as Connect, marking a 35% rise from its average annual additional tax yield of £3.4 billion. Connect analyzes vast amounts of data from diverse sources including banks, financial institutions, online marketplaces, property records, and social media to detect discrepancies and patterns indicative of tax evasion that would be difficult for humans to spot. Despite the system's effectiveness, HMRC keeps the exact data sources confidential to prevent misuse by criminals. The agency emphasizes that Connect is one tool among many in tax investigations, with human judgment playing a crucial role in decision-making. This technological approach is part of HMRC’s broader strategy to address the UK's estimated £46.8 billion tax gap, the difference between taxes owed and collected. Legal experts view the significant revenue recovered through Connect as evidence of the system's success in enhancing tax compliance.

Story Coverage
Bias Distribution
50% Center
Information Sources
56c8ebfc-4532-480a-88f4-f11728791713247a7f2a-20c0-438e-9347-4e4eecdc0f42
Center 50%
Right 50%
Coverage Details
Total News Sources
2
Left
0
Center
1
Right
1
Unrated
0
Last Updated
6 hours ago
Bias Distribution
50% Center
Related News
Daily Index

Negative

26Serious

Neutral

Optimistic

Positive

Ask VT AI
Story Coverage

Related Topics

Subscribe

Stay in the know

Get the latest news, exclusive insights, and curated content delivered straight to your inbox.

Present

Gift Subscriptions

The perfect gift for understanding
news from all angles.

Related News
Recommended News