HMRC does not know the amount of tax billionaires, for example

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The UK Tax Authority does not know the amount of tax billionaires paid by billionaires, as it has found an impressive group of deputies through parties, as the government is a tax on the richest members of the country to close the growing financial hole in the country.

“HM Revenes & Customs does not have an overview of the total individual wealth and faces challenges in obtaining all the data he needs to evaluate risk and target wealthy,” according to a report issued by the General Accounts Committee of the House of Commons.

“I think they likely know the number of existing billionaires, I do not think that HMRC knows how much the tax they are currently paying as a cou.”

Haton added that HMRC estimates for the “wealthy tax gap” and “external tax gap”, which represents the difference between the money due and the money collected “very inaccurate” in billions of pounds.

He said: “We are talking about large sums of money that we can invest in our public services, and this makes a real difference, if we get it correctly.”

The report, issued on Wednesday, HMRC also congratulated 5.2 billion pounds from wealthy individuals in 2023-24, more than 2.2 billion pounds, which it collected in 2019-20.

The work government left the door open Supreme taxes on the wealthy To close the expanded financial deficit, as the Treasury is a “protection of workers” before the autumn budget.

Wealth tax will follow the budget measures last October, which target the rich, including canceling a non -permanent system and changes in relief from agricultural and commercial property.

“The Prime Minister has repeatedly said that those who have the widest shoulders should carry the largest burden,” said Sir Kerr Starmer’s spokesman last week.

The report’s recommendations included that HMRC should use artificial intelligence (AI) to analyze data and should rely on the information available to the public such as the rich Sunday Times menu to create a more complete profile for individual wealth.

Haton said that the United States’s internal revenue service has already used the FORBES 400 billionaire list in its research. However, the accuracy and comprehensiveness of such menus are disputed on the basis that the financial arrangements of the wealthy are often special and difficult to penetrate.

The report criticized a sharp decrease in the penalties that HMRC applies to wealthy individuals from 1750 in 2022-23 to 456 in 2023-24 and said that the aspiration of the declared authority to increase the penalties and trials “super”.

Hmrc said: “Additional resources have been announced in the recent spending review, which allows us to intensify our work significantly to bridge the tax gap between the richest wealthy.”

He added: “This includes the employment of 400 additional officials specializing in the wealthy and external tax gap, and increasing the prosecutions of those who flee tax.”

The wealthy person in the United Kingdom is defined as an income of 200,000 pounds or assets of more than 2 million pounds in any of the past three years.

Fenas Hersh, a lawyer at Payne Hicks Beach, said that the global tax authorities have already access to data on external wealth given the provision of a joint reports standard, which allows automatic exchange of information about individuals bank accounts, in 2017.

He said, “It is imperative that the artificial intelligence accelerate,” to join the points, “so that the tax authorities can process the information received from foreign assets.”