HM Revenue and Customs (HMRC) has identified more than 200 billionaires who have UK tax obligations and will assign dedicated "customer compliance managers" to hold discussions with those customers, the authority said, in a push intended to increase revenues by roughly £500 million.
The list represents the first time HMRC says it has compiled a cohort of the country’s wealthiest taxpayers who are required to pay tax in the UK, irrespective of whether they are formally resident there. The initiative is being presented as a targeted effort to tackle a "wealthy tax gap" — shortfalls in receipts related to the highest net-worth individuals.
Under the plan, the named billionaires will be the focus of individually tailored engagement by HMRC compliance staff. The authority said the measure is designed to ensure that people with the greatest means are meeting their UK tax obligations and to address complex arrangements that can affect tax liability.
HMRC framed the step as part of wider compliance activity intended to protect the integrity of the tax system and boost public revenues. Officials said the engagement programme is expected to yield about £500 million, though they did not provide a breakdown of how that figure was calculated.
The move increases scrutiny of arrangements used by very wealthy individuals, including those whose formal residence or domicile is outside the UK but who may nonetheless have taxable connections to the country. HMRC has been expanding focused compliance work in recent years as it seeks to narrow gaps in tax collected from high earners and complex financial arrangements.
The authority did not disclose the identities of the people on the list. HMRC said the compliance managers will carry out discussions and follow-up activity as necessary, while ensuring that its work complies with legal and confidentiality requirements.