HMRC Must Do More to Ensure Billionaires Pay Their Fair Share
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Chris has called for action from the HMRC to ensure billionaires pay their fair share of tax, following a Public Accounts Committee (PAC) report ‘Collecting the right tax from wealthy individuals’, released today.
The PAC report finds that HMRC is currently unable to say how much tax is paid by UK billionaires and lacks the data to accurately assess the tax gap relating to the super-rich and offshore wealth. The report is calling for HMRC to develop and publish a plan to increase tax yield from the wealthiest taxpayers, both in the UK and overseas.
Chris commented: “It is concerning that HMRC is still unable to give a full and clear picture of the difference between what is owed and what is actually paid by the wealthiest in our society. These are individuals whose contributions could make a meaningful difference to the funding of our public services. People rightly expect a system that is fair, transparent, and applied equally to everyone.
With new leadership in place and additional resources secured, HMRC has a real opportunity to strengthen its approach. That means making better use of existing data, improving transparency, and being more proactive in tackling offshore wealth and those who enable tax avoidance.
The role of the Public Accounts Committee is not to debate the politics of redistribution, but to make sure public money is raised and spent as effectively as possible. Progress has been made, and the additional billions brought in from the wealthiest in recent years are welcome. But that success also prompts important questions. Has non-compliance increased, or have we simply not had the tools or focus to detect it?
What is clear from this report is that there is still significant untapped potential to recover more revenue. HMRC must now build on the progress made and go further.”
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