- HMRC has paired over 200 billionaires connected to the UK with dedicated compliance managers to help manage their affairs and crackdown on tax avoidance.
- The initiative targets the UK's wealthy tax gap, which was estimated at £3.6 billion for 2024/25 and represents six per cent of the country's total tax shortfall.
- Financial Secretary James Murray stated that wealthy taxpayers accounted for £160 billion in receipts for 2025/26, but their complex global affairs require better-joined administration.
- HMRC plans to utilise artificial intelligence, advanced analytics, and 400 new tax specialists to monitor affairs and identify potential tax risks earlier.
- The strategy aims to generate at least £500 million as part of a broader government target to collect £10 billion in additional tax revenues by 2030.
IN FULL
