UNITED KINGDOM – The UK Parliament’s Public Accounts Committee (PAC) has raised serious concerns over HM Revenue & Customs (HMRC) admitting it lacks data on how many billionaires actually pay tax in the country.
During recent hearings, lawmakers were informed that HMRC maintains detailed records of income and capital gains, but not overall personal wealth. As a result, the agency cannot definitively state how many billionaires are contributing their fair share of taxes. The PAC urged HMRC to develop a strategy that maps billionaire wealth against tax compliance.
Although HMRC’s specialist team focused on high-net-worth individuals recovered £5.2 billion in unpaid taxes during the 2023–24 fiscal year—more than twice the amount collected in 2019–20—members of Parliament warned this likely indicates broader non-compliance across the wealthy elite.
MPs stressed that improving oversight of billionaire tax contributions could yield substantial revenue for the public sector. They encouraged HMRC to adopt advanced technologies, such as artificial intelligence and big data tools, to better track and evaluate tax compliance among the ultra-wealthy.
In response, HMRC confirmed plans to expand its wealth compliance unit by 400 staff as part of a broader effort to strengthen tax transparency and enforcement.
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