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Inland Revenue writes off pounds 5.2BN taxes.

TAXES totalling almost pounds 5.2 billion were written off by HM Revenue and Customs last year, according to a report published by official auditors.

Meanwhile, HMRC's accounts for 2011/12 showed it overpaid around pounds 2-pounds 2.5 billion in tax credits and underpaid up to pounds 290 million as a result of fraud and error, said the report, prepared by the National Audit Office.

A target of reducing the level of fraud and error to 5 per cent of tax credit entitlements was missed.

The chairman of the influential House of Commons Public Accounts Committee, Margaret Hodge, said she was shocked by "the sheer scale of waste and mismanagement" at
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Publication:Coventry Evening Telegraph (England)
Date:Jun 29, 2012
Words:112
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