Pressure on Labour and Conservatives as tax gap hits £40bn

Shortfall between tax owed and tax paid puts issue of avoidance in election spotlight

The gap between tax revenue the UK government expected to raise and the amount paid annually has hit £40bn, putting extra pressure on both main parties over their pledges to crack down on tax avoidance.

HM Revenue and Customs (HMRC) said there was a shortfall of £39.8bn in the 2022-23 financial year, up from £38.1bn a year earlier. This represents 4.8% of the amount of tax theoretically due, down from 5.2% in the previous financial year.

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