Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

HMRC’s Covid fraud taskforce to leave billions unaccounted for

by November 15, 2022
November 15, 2022
HMRC’s Covid fraud taskforce to leave billions unaccounted for

An HMRC unit set up to tackle Covid fraud is set to leave £3.3bn outstanding when it winds down in March 2023, campaigners have warned.

The Taxpayer Protection Taskforce, which was set up by Chancellor Rishi Sunak in March 2021, will be phased out, despite having collected less than 25 per cent of the money lost through misallocation of Covid funds.

The launch of the unit also diverted millions away from other parts of HMRC that could have been used to fund more lucrative recovery work, investigative think-tank Tax Watch said.

HMRC’s Taxpayer Protection Taskforce was set up by the Chancellor using £100m in funding with a view to recovering billions defrauded from the government via misuses of the furlough and Eat Out to Help Out schemes.

It is estimated £3.2bn- £6.4bn was mistakenly given out through the UK’s Covid support schemes – either due to error or fraud. Yet by the time the HMRC taskforce is wound up it is expected to have recovered just £525- £625m.

Tax Watch warned the launch of the taskforce also diverted more than 1,000 HMRC staff away from areas with higher returns.

The think-tank noted that HMRC’s compliance operations generated average returns on investment of 17 to one, while the taxman’s Covid taskforce reaped a return of just four to one.

The campaign group also warned of a lack of serious consequences in the vast majority of cases, as it pointed to HMRC figures showing just 29 criminal investigations had been launched over claims worth around £15m.

An HMRC spokesperson said: “We are committed to tackling fraud in the support schemes and recovering overpayments.”

The spokesperson said the £100m invested into launching the taskforce “will see us recover up to £625m from support schemes fraud and overpayments on top of funds recovered through existing compliance work”.

Read more:
HMRC’s Covid fraud taskforce to leave billions unaccounted for

0
FacebookTwitterGoogle +Pinterest
previous post
MUST READ: WHY MICHIGAN LOST BIG In The Midterms… And The GOP Bullies Who Are To Blame
next post
“Democrats Want to End Elections” – Rush Limbaugh Predicted Perfectly in October 2020 How Democrats Would Cheat and Steal Elections Moving Forward

You may also like

Nearly half of UK small businesses unaware of...

August 9, 2024

Learn Online Trading: Start Your Journey Today

August 24, 2024

How Matchable has Revolutionised Employee Retention and Attraction 

September 1, 2023

Rachel Reeves rules out chlorinated chicken ahead of...

April 24, 2025

UK firms to deliver €415 million sustainable development...

December 6, 2023

UK debt could triple to 300% of GDP...

September 13, 2024

Time to pause and reflect upon greatest personal brand...

September 9, 2022

Soft2Bet: Pioneering Innovation and Expansion in the iGaming...

May 17, 2025

IMF urges Rachel Reeves to raise taxes and...

October 16, 2024

10 Tips to Pick Long-Term Investment Opportunities

September 27, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved