Key facts
- HMRC is assigning dedicated tax managers to over 200 billionaires.
- The crackdown aims to raise at least £500 million.
- Wealthy individuals are defined as having income over £200,000 or assets over £2 million in the last three years.
HM Revenue and Customs (HMRC) is intensifying its efforts to collect taxes from the UK's wealthiest individuals by assigning dedicated "customer compliance managers" to over 200 billionaires. This initiative aims to address a "wealthy tax gap" and is expected to generate at least £500 million in additional revenue, contributing to a larger goal of £10 billion by 2030. The managers will engage with billionaires to ensure their UK tax affairs are understood and proportionate, utilizing advanced analytics and AI to identify risks earlier. This move follows previous scrutiny of HMRC's understanding of tax compliance among wealthy taxpayers.