Wednesday, 21 April 2010

tax evasion costs treasury 15 times more than benefit fraud

Tax evasion costs Treasury 15 times more than benefit fraud
At £30 billion per year, fraud in the UK is more than twice as high as thought, with tax evasion costing the public purse over £15 billion per year and benefit fraud just over £1 billion. Based predominantly on 2008 data, the National Fraud Authority’s first ever Annual Fraud Indicator found fraud against the public sector accounts for 58% of the total fraud in the UK per year. Tax evasion is around 3% of total tax liabilities, while benefit fraud accounts for 0.8% of total benefit expenditure. In the private sector, the report shows the financial services industry recorded the highest loss to fraudsters, estimated to be £3.8 billion, with £1 billion in mortgage fraud and over £2 billion lost in insurance fraud.
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- Citywire.co.uk, 22 January