Taxman is after hidden wealth

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The taxman has launched taskforces to reveal the hidden weath of people in Milton Keynes and Oxford.

It is part of a drive against undeclared income expected to recover more than £3million for HM Revenue and Customs (HMRC).

Officials will look at people with offshore accounts and those living lifestyles above their obvious means.

It is part of the next wave of taskforces.

Taskforces are specialist teams that undertake intensive bursts of activity in specific high-risk trade sectors and locations in the UK. The teams visit traders to examine their records and carry out other investigations.

Other taskforces will target London’s construction industry, the second-hand motor trade in the midland and the private security industry.

Exchequer Secretary to the Treasury David Gauke said: “This government has made it clear that we will not tolerate tax evasion and we have provided HMRC with the resources to crack down on those who break the rules.”

HMRC has collected more than £90 million as a result of taskforces launched since 2011-12. It expects to bring in over £90 million per year from taskforces launched over the next three years.