HMRC 'doesn't know' how many billionaires pay tax in the UK

HM Revenue and Customs does not cognize however galore billionaires wage taxation successful the UK, according to a caller study by MPs.

The Public Accounts Committee says this is contempt the information lone a tiny fig of radical person this presumption - and the important sums of wealth involved.

HMRC has been told it "can and must" bash much to recognize however overmuch the precise wealthiest successful nine lend to the nationalist purse, arsenic "there is simply a batch of wealth being near connected the table".

Artificial quality and The Sunday Times Rich List were identified arsenic 2 ways of getting a clearer picture.

The taxman is facing calls to uncover however it plans to summation contributions from billionaires some domestically and offshore, amid a compression successful the nationalist finances.

MPs added: "There is overmuch nationalist involvement successful the magnitude of taxation the affluent pay. People request to cognize everyone pays their just share."

The study pointed to the US, wherever the Internal Revenue Service links its information to the Forbes 400 database of affluent Americans.

PAC subordinate Lloyd Hatton added: "This study is not acrophobic with governmental statement astir the redistribution of wealth.

"Our committee's relation is to assistance HMRC bash its occupation properly, ensuring affluent radical wage the close tax.

"While HMRC does merit immoderate large recognition for securing billions much successful the taxation instrumentality from the wealthiest successful caller years, determination is inactive a precise agelong mode to spell earlier we tin scope a existent accounting of what is owed."

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Mr Hatton added that the committee was "disappointed" that HMRC could not connection immoderate insights into the taxation arrangements of billionaires from its ain information - arsenic "any azygous 1 of these individuals' contributions could marque a important quality to the wide picture".

At present, astir 1,000 radical wrong HMRC are focused connected the taxation affairs of the UK's wealthiest, but backing has been secured to summation this headcount by 400 - with a presumption to "increasing prosecutions of those who evade tax".

A spokesperson added: "The authorities is determined to marque definite everyone pays the taxation they owe.

"Extra resources were announced successful the caller spending reappraisal which allows america to importantly measurement up our enactment connected closing the taxation spread among the wealthiest."