£5.5bn lost to tax evasion could be ‘vast underestimate’ by HMRC, MPs warn

The cross-party group of MPs warned that HMRC could have significantly underestimated the scale of tax evasion. - (PA Wire)

The cost of tax-dodging is likely to be far higher than the annual £5.5 billion estimated by HMRC, an influential group of MPs has warned.

The UK’s tax authority has processes which are “far too open to abuse” and is “not sufficiently curious” about the true scale of the problem, the Commons Public Accounts Committee (PAC) said.