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dipsydoodle

(42,239 posts) Mon Feb 6, 2012, 08:15 PM Feb 2012

Treasury 'unaware' of tax write-off

The Treasury was "surprised" to learn that £10.9 billion of unpaid tax had been written off by HM Revenue & Customs in one year, according to an influential group of MPs.

The department was apparently not fully aware of the estimate until after it appeared in the Whole of Government Accounts (WGA) for 2009-10.

It also had "no knowledge" of whether plans were in place to cut the taxpayer's huge £15.7 billion liability for clinical negligence claims, the Public Accounts Committee (PAC) said.

The criticism came in a report on the accounts - which were compiled and published for the first time last year.

http://uk.news.yahoo.com/treasury-unaware-tax-write-off-000438761.html

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Treasury 'unaware' of tax write-off (Original Post) dipsydoodle Feb 2012 OP

Government accounts show 'gob smacking' costs dipsydoodle Feb 2012 #1

The tax figures include bankruptcies and liquidations fedsron2us Feb 2012 #2

dipsydoodle

(42,239 posts)

1. Government accounts show 'gob smacking' costs

Reply to dipsydoodle (Original post)

Tue Feb 7, 2012, 07:53 AM

Feb 2012

Estimates showing £10.9bn in unpaid tax was written off and medical negligence could cost £15.7bn are "gob smacking", says the Commons spending watchdog.

The public accounts committee has published its verdict on the new Whole of Government Accounts (WGA).

The report also predicts the long-term costs of decommissioning nuclear power stations could hit £56.7bn while public sector pensions could cost £1,132bn.

Ministers said it was the world's most ambitious set of public accounts.

http://www.bbc.co.uk/news/uk-politics-16918110

fedsron2us

(2,863 posts)

2. The tax figures include bankruptcies and liquidations

Reply to dipsydoodle (Reply #1)

Tue Feb 7, 2012, 04:55 PM

Feb 2012

so quite a lot of the money was probably uncollectible. As for public pensions the figures look eyewatering until you remember that these do not all fall due at once at some of these liabilities wont be payable for two or three decades.

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