HMRC puts 200 billionaires on UK tax crackdown hitlist
Source: The Guardian ·
‘Compliance managers’ to have discussions with authority’s wealthiest customers in aim to raise tax revenuesBusiness live – latest updatesThe UK’s tax authority is assigning dedicated “customer compliance managers” to more than 200 billionaires as part of a crackdown meant to raise £500m for the public purse.HM Revenue and Customs (HMRC) said it had for the first time compiled a list of…
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The UK’s tax authority is assigning dedicated “customer compliance managers” to more than 200 billionaires as part of a crackdown meant to raise £500m for the public purse. HM Revenue and Customs (HMRC) said it had for the first time compiled a list of billionaires who are required to pay tax in the UK, regardless of whether they formally live in the country, to tackle a “wealthy tax gap” caused by those who do not pay what they ought. In an announcement after Wednesday’s budget, the authority said it was allocating a customer compliance manager (CCM) to each billionaire with a UK tax footprint, whose complex tax affairs are often hard for HMRC to manage. “Billionaires can present a particular example of this, with affairs often spanning multiple taxes, entities and jurisdictions and a greater need for early and coordinated engagement,” HMRC said. It said the managers would offer voluntary discussions to each billionaire before they filed their taxes, to “help build a shared…