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The UK's $39 billion tax gap has left a 'financial black hole' for its already-battered economy

Added 07-12-20 05:14:02am EST - “The UK's revenue department collected a total of ” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “The UK's $39 billion tax gap has left a 'financial black hole' for its already-battered economy”. Below is an excerpt from the article.

The gap between the amount of taxes expected and what was actually collected by the UK's Revenue and Customs department was £31 billion ($39 billion) for the year 2018-2019.

Although that seems like a massive number, it is actually a 15 year low in percentage terms, according to a report released Thursday by the Her Majesty's Revenue and Customs, the government department responsible for taxes in the UK.

The tax gap shockingly equals the amount spent on relief measures to stem an economic downturn from the coronavirus pandemic so far.

The estimate represents 4.7% of the UK's tax liabilities, which means that the HMRC collected 94.3% of all tax due between 2018 and 2019. In the previous year, the was around 5%.

A gap may arise from several reasons such as errors in simple calculation by taxpayers, legal interpretation, evasion, avoidance, and criminal attacks on the tax system.

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