HM Revenue and Customs (HMRC) is putting more than 200 billionaires under scrutiny as part of a new tax avoidance crackdown, using the powers it says apply even when individuals may not be formally resident in the UK. Outlets report that HMRC has compiled a list of wealthy individuals and will engage them and/or their representatives to improve compliance and raise revenue.
The Guardian says HMRC will assign dedicated “customer compliance managers” and describes the initiative as targeting a “wealthy tax gap,” with an aim of raising £500 million for the public purse. The Financial Times focuses on HMRC inviting each billionaire and their representatives to take part in “a voluntary initial or pre-filing discussion.” The Independent highlights HMRC’s efforts to ensure taxpayers understand and meet their obligations.
Across the coverage, the emphasis differs between framing as enforcement against avoidance and presenting the first step as an engagement or pre-filing discussion. However, all accounts describe HMRC’s creation of a list of roughly 200 billionaires and the start of direct outreach intended to prompt tax compliance.
