By Ilaria Grasso Macola
The automotive sector has seen the highest increase in underpaid taxes, following a 143 per cent year surge.
According to financial investigation firm PfP, the amount the HMRC thinks the industry has avoided paying has gone up from £182.3m to more than £444.2m.
This will lead to increased industry scrutiny over the next year.
But automotive stakeholders will not be the only ones subjected to additional investigations, PfP added, as tax probes will also involve the oil and gas industry as well as real estate.
Real estate’s underpaid taxes have increased from £471m to £493m, while oil and gas has reported an 11 per cent jump.
“HMRC follows the money,” said PfP’s managing director Kevin Igoe. “It goes after where it thinks the most tax is avoided and where it thinks it has cases it can win easily.”
“We’re expecting a continued pressure on retailers from HMRC.”
City A.M. has approached the HMRC for comment.
The post Automotive’s underpaid taxes highest than any sector following year surge appeared first on CityAM.
