HMRC criticised by watchdog for failing to track billionaires' tax

The Public Accounts Committee has criticized HMRC for failing to track the tax contributions of billionaires in the UK, noting a lack of transparency in understanding their impact on the exchequer. The committee pointed out significant revenue collection opportunities that remain untapped and warned that this lack of clarity could undermine public confidence in the tax system. The PAC called for immediate action from HMRC to address these issues. Amidst financial pressures, the government is under increased scrutiny regarding tax policies and potential wealth taxes as economic challenges persist.

The Public Accounts Committee (PAC) criticized HMRC for its inability to determine how many billionaires pay tax in the UK, raising concerns about revenue collection from the super-rich.

The PAC's report highlighted that the lack of clarity regarding billionaires' tax contributions risks damaging public confidence, emphasizing the urgency for HMRC to take immediate action.

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