This up from £95.8m in 2018/19, according to figures obtained by law firm Pinsent Masons.
The group said If HMRC suspects a taxpayer of tax evasion they can offer the opportunity to enter into a contract under the Contractual Disclosure Facility (CDF).
Alternatively, a taxpayer who wants to admit tax evasion that HMRC has not discovered can apply to HMRC to make a voluntary disclosure using the CDF.
The CDF gives the taxpayer immunity from criminal investigation in return for making a full, complete and accurate admission of tax evasion and paying back any money that is owed.
A wide range of taxpayers can use these agreements, from ultra-high net worth individuals with complex offshore tax affairs through to people on average incomes who only owe small amounts of tax.
Steven Porter, a tax expert at Pinsent Masons, said: “Using the CDF has benefits to both sides – taxpayers avoid prosecution and HMRC saves time and money.
“If a taxpayer meets their side of the deal under the CDF and makes a full disclosure, then they will also face significantly lower penalties than if they waited to get caught. Taxpayers may also avoid being publicly ‘named and shamed’ as a tax evader.”
HMRC investigations are expected to pick up as the UK government seeks more tax revenue to pay for the cost of coronavirus-related economic assistance.