By Ahmed Abdelsalam
HM Revenue and Customs (HMRC) has appointed dedicated tax compliance managers for more than 200 billionaires with a UK tax footprint in a drive to close the “wealthy tax gap” and boost revenue collection.
Closing the Wealthy Tax Gap
The tax authority estimates the gap at £3.6 billion for 2024/2025, representing six per cent of the total tax gap. Each billionaire will be paired with a Customer Compliance Manager to offer pre-filing discussions and help manage their affairs, which often involve multiple taxes, businesses, investments, trusts and jurisdictions.
Technology and Specialist Hiring
HMRC plans to deploy advanced analytics, automated triggers and artificial intelligence to identify emerging risks earlier. The initiative includes hiring 400 new tax specialists and aims to raise at least £500 million as part of a broader commitment to secure £10 billion in additional tax revenues by 2030.
Previous Criticism
Last year the Public Accounts Committee criticised HMRC for failing to track how many billionaires pay tax in the UK, noting significant missed revenue opportunities. Financial Secretary to the Treasury James Murray said the move would make it easier for wealthy taxpayers to understand and meet their obligations while concentrating compliance activity on areas of greatest risk.
