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

Dietrich Mateschitz: One of the worlds leading salesman...

October 24, 2022

VW to Invest Up to $5bn in Tesla...

June 26, 2024

Trump media company shares soar after attempted assassination

July 16, 2024

UK Recruiters warn Bank of England of permanent...

December 8, 2023

Google is updating its algorithm, here’s what you...

March 7, 2024

Expanding Your Talent Pool: 5 Reasons to Hire...

March 29, 2023

Monzo Achieves First Annual Profit Despite Surge in...

June 3, 2024

How to stop procrastinating and start leading

April 12, 2024

Sir Stelios announces winners of the 16th year...

July 9, 2024

7 Reasons Remote British Workers Should Consider Living...

August 5, 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

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • 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