How much tax do Britain’s billionaires pay? HMRC has no idea, damning report finds
HMRC ‘does not know how many billionaires pay tax in the UK’
- The Public Accounts Committee (PAC) has revealed that HM Revenue and Customs (HMRC) does not know how much tax is collected from billionaires in the UK.
- HMRC cannot identify how many billionaires pay tax or their overall contribution, despite this group being expected to contribute significantly to public finances.
- The PAC urged HMRC to improve its understanding of wealthy taxpayers' affairs, suggesting methods such as comparing internal records with public data like The Sunday Times Rich List and utilising artificial intelligence.
- This finding emerges amid growing calls from Labour MPs for a wealth tax to address shortfalls in public finances, with some proposing a two per cent tax on assets over £10 million.
- Critics argue that HMRC's lack of data on billionaires undermines public trust in the tax system and reflects a deliberate choice to shield extreme wealth.