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HMRC 'Doesn’t Know' How Many Billionaires Pay UK Tax, Public Accounts Committee Finds
UNITED KINGDOM, JUL 15 – MPs warn HM Revenue and Customs lacks tools and data to track billionaire tax contributions despite £5.2 billion raised in 2023-24, highlighting a large tax gap and enforcement issues.
- The Public Accounts Committee has revealed that HM Revenue and Customs is unable to determine the number of billionaires who pay taxes in the UK or the total amount they contribute.
- This lack of data stems from HMRC's failure to track billionaire wealth specifically and insufficient scrutiny of the offshore tax gap despite rising calls for wealth tax.
- The report highlighted that HMRC has 1,000 officials focused on wealthy tax affairs and will recruit 400 more to increase prosecutions and close the tax gap significantly.
- PAC member Lloyd Hatton emphasized that the report reveals significant sums of money are being missed, calling on HMRC to enhance its efforts in ensuring better accountability.
- The findings imply that despite increased tax revenue from the wealthy, major improvements are needed in resources and political will to ensure fair taxation of billionaires and offshore wealth.
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The NEN - North Edinburgh News
The NEN - North Edinburgh NewsHMRC does not know how many billionaires pay tax in the UK
The Public Accounts Committee (PAC) has released a long-awaited report on HMRC and collecting the right tax from individuals. It finds that HMRC isn’t able to accurately assess how much tax billionaires pay in the UK, with the tax authority lacking the ability to use the data it has to paint a clear picture of how much tax the very wealthiest pay. Furthermore, given the vast number of wealthy people (700,000 included in HMRC’s definition of the …
·United Kingdom
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MPs sound alarm as HMRC 'doesn't know' how many billionaires pay tax in UK - or if they pay the right amount
HM Revenue and Customs does not know how much tax is paid by the UK’s 156 billionaires, despite the large sums of money likely involved, according to a critical report from the Public Accounts Committee (PAC)
·London, United Kingdom
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Coverage Details
Total News Sources26
Leaning Left8Leaning Right3Center3Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 22%
R 21%
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