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HMRC asset seizures increase significantly
HMRC seized assets to recover £42.6 million of outstanding tax bills in 2015/16, up 175% from 2014/15, according to new research by Funding Options. The research has revealed that almost 1,600 business owners had assets seized by HMRC in order to settle outstanding tax bills in 2015/16, an increase of 145% from the 649 firms that had assets seized in 2014/15. Conrad Ford, CEO at Funding Options, said: "With the stark rise in asset seizing, it's clear that HMRC are cracking down on those businesses with overdue tax bills."