HMRC has faced criticism for its inability to track billionaire taxpayers in the UK. Despite limited numbers of billionaires, the organization lacks a reliable system to determine their tax contributions. Public interest in tax payments by the ultra-wealthy has intensified. PAC members emphasize the need for HMRC to improve its functionality and ensure wealthy individuals pay the correct tax. Recommendations include utilizing AI and other rich lists to better understand billionaire contributions, indicating that even a single billionaire's tax payment could significantly impact public finances.
HM Revenue and Customs (HMRC) has been heavily criticised by MPs for not knowing how many billionaires pay tax in the UK, despite the limited number of individuals involved and the potentially vast sums at stake.
The report revealed that HMRC currently has no reliable method of tracking billionaire taxpayers, even though public interest in how much the ultra-wealthy contribute has never been higher.
PAC member Lloyd Hatton said the issue was not about political arguments over wealth redistribution but about making sure HMRC is fit for purpose.
MPs recommended that HMRC draw on sources like artificial intelligence and The Sunday Times Rich List to create a clearer understanding-citing the US Internal Revenue Service, which uses the Forbes 400 to track high-net-worth individuals.
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