HMRC does not know how much tax billionaires do not know, tell MPs

Unlock the editor’s digestion free

FT editor Roula Khalaf, chooses his favorite stories in this weekly newsletter.

The UK’s tax authority does not know how much the tax billionaires do not pay, because the government considers the richest people in the country to close the country’s growing financial hole in the country.

“HM income and customs do not have difficulties in obtaining the total wealth of a person, all the information needed to assess and receive the target,” Commons Commons Commons Commons Common Common.

Lloyd Hatton, a member of a working deputy and committee, said: “I think it is probably a few billionaires, I do not think that HMRC pays how much taxes like a cohort.”

Hatton was the “naval tax cavity”, which represents the difference between HMRC “wealthy taxes” and the collected money, “Woe”, “woe”.

“We are talking about the large amounts we can invest in our government services,” Therefore, this is true, it makes a real difference, “he said.

The report released on Wednesday congratulated HMRC to collect £ 5.2 billion from rich people in 2023-24, and the £ 2,2 billion raised in 2019-20.

Labor government has left the door open Higher taxes to the rich To close the expanding financial deficit as the treasury promises to protect people “to protect people before the fall budget.

A wealth tax will be followed by the target of the rich in October last year, including the cancellation of non-DOM regime and targeting changes in the relief of agriculture and business property.

Sir Keir Starmer’s spokesman said last week: “The Prime Minister has repeatedly said that those with the most widest shoulders have to carry the largest load.”

The reporting recommendations must use artificial intelligence (AI) to analyze HMRC data and submit to the public as a rich list of the market Times to create a more complete profile of individuals.

Hatton, the internal income service in the United States has already used the list of billionaires in Forbes 400 research, he said. However, the accuracy and thoroughness of these lists are controversial on the basis where the financial regulations of rich people are often private and difficult to penetrate.

In 2023-24, the report criticized the sharp fall in the fines to the wealthy people in 2022-23 and in 2022-23, and the government was both punishment, and the probability of judgment and the prosecution.

“Additional sources were announced in the final spending study, allowing us to significantly increase our work to close the tax cavity between the richest,” HMRC said.

“This includes a rich and offshore tax cavity to hire an additional 400 officials and increase the persecution of tax evasion.”

A wealthy man in the UK is determined to have an asset that is more than £ 200,000 or £ 2 million in any of the last three years.

In Payne Hicks Beach, the lawyer Phineas Hirsch, global tax authorities, in 2017, learning information about Offshore Resources, which allows people to exchange automatic information about bank accounts.

“It is inevitable that the EU will accelerate AI ‘combination of points’ to process the information received on foreign assets,” he said.