Business · Companies · 2 hrs ago
UK tax authority assigns managers to more than 200 billionaires
HMRC is assigning compliance managers to more than 200 billionaires who have a UK tax footprint, whether or not they formally live in the country.
The UK tax authority says the list is its first of billionaires required to pay UK tax.
Managers will offer voluntary discussions before tax returns are filed to help clarify each person’s tax affairs, which may involve several taxes, companies and countries.
HMRC also plans to use data analysis, automated alerts and artificial intelligence to identify possible tax risks among wealthy people.
The move targets a wealthy tax gap estimated at £3.6bn in the 2024-25 tax year.
HMRC says the measures will contribute at least £500m toward its goal of raising £10bn in additional tax revenue by 2030.
The new monitoring is part of a wider tax crackdown on wealthy taxpayers who may not disclose all their assets or pay the tax due.
HM Revenue and Customs is assigning dedicated compliance managers to more than 200 billionaires with a UK tax footprint.
The authority says it has compiled a list of billionaires required to pay tax in the UK, whether or not they formally live there.
Managers will offer voluntary discussions before the billionaires file their taxes.
HMRC says the initiative is part of efforts to address a wealthy tax gap estimated at £3.6bn for 2024-25.
The measures are expected to contribute at least £500m towards a wider goal of raising £10bn in additional tax revenue by 2030.
- Who
- HM Revenue and Customs (HMRC) and more than 200 billionaires with a UK tax footprint.
- What
- HMRC is assigning each billionaire a dedicated customer compliance manager and offering voluntary discussions before tax returns are filed.
- When
- Announced after Wednesday’s budget; the publication date is 29 October 2026.
- Where
- The United Kingdom.
- Why
- HMRC says the initiative will help address the wealthy tax gap and improve engagement on complex tax affairs.
This story does not have two clearly opposing sides.
MPs on the parliamentary public accounts committee questioned HMRC about its understanding of tax compliance by about 1.3 million wealthy taxpayers.
HMRC announced it had compiled a list of billionaires required to pay tax in the UK and would assign them dedicated customer compliance managers.
- Billionaires targeted
- More than 200
- Wealthy tax gap
- £3.6bn in 2024-25
- Share of total UK tax gap
- 6%
- Expected contribution
- At least £500m
- Wider revenue goal
- £10bn in additional tax revenues by 2030
- Wealthy definition
- Income over £200,000 or assets over £2m in any of the last three years
3 sources
What people are saying
Billionaires can present a particular example of this, with affairs often spanning multiple taxes, entities and jurisdictions and a greater need for early and coordinated engagement.
help build a shared understanding of the customers’ UK tax affairs and make subsequent engagement more focused and proportionate
reflect on how clearly they understand and can evidence their UK tax position and their interaction with HMRC