HMRC assigns tax managers to 200 billionaires

Summarised from 2 outlets · Updated 29 Oct, 17:05 · Archive

The UK tax authority is assigning dedicated compliance managers to over 200 billionaires to close the 'wealthy tax gap'.

HMRC has assigned dedicated customer compliance managers to more than 200 billionaires with a UK tax footprint in a new crackdown on tax avoidance. The managers will offer voluntary pre-filing discussions to each billionaire to help manage their complex affairs, which often span multiple taxes, entities and jurisdictions. HMRC aims to 'help build a shared understanding' of their UK tax affairs and make subsequent engagement 'more focused and proportionate'.

The initiative is designed to close what HMRC calls the 'wealthy tax gap', which the authority estimated at £3.6bn in 2024/2025. This represented six per cent of the entire tax gap—the difference between the amount of tax that should have been paid and what was collected. The crackdown is expected to raise £500m for the public purse.

Labour MP James Murray, financial secretary to the Treasury, said wealthy taxpayers make a significant contribution to the Exchequer, with 1.3 million high-earners accounting for £160bn in tax receipts. He added that 'our aim is to make it easier for taxpayers to understand and meet their obligations, using better information to reduce unnecessary contact and identify potential problems earlier'. HMRC also plans to deploy new technology, including artificial intelligence and advanced analytics, to monitor wealthy individuals defined as those with income over £200,000 or assets exceeding £2m.

How it is being reported

• HMRC targets 200 billionaires in crackdown on tax avoidanceThe tax authority says it is aiming to help taxpayers ‘understand and meet their obligations’The Independent · 29 Oct, 16:41
• HMRC puts 200 billionaires on UK tax crackdown hitlist‘Compliance managers’ to have discussions with authority’s wealthiest customers in aim to raise tax revenues Business live – latest updates The UK’s tax authority is assigning dedicated “customer compliance managers” to more than 200 billionaires as part of a crackdown meant to raise £500m for the public purse. HM Revenue and Customs (HMRC) said it had for the first time compiled a list of billionaires who are required to pay tax in the UK, regardless of whether they formally live in the country, to tackle a “wealthy tax gap” caused by those who do not pay what they ought. Continue reading...The Guardian · 29 Oct, 12:54

In this story: HMRC · UK · James Murray · Labour · Treasury

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