- HMRC has identified more than 200 billionaires with a UK tax footprint for dedicated compliance management
- The authority estimates the wealthy tax gap reached £3.6bn in 2024-25
- New technology, including artificial intelligence, will help identify potential tax risks earlier
The UK tax authority is assigning dedicated customer compliance managers to more than 200 billionaires as part of a drive to collect at least £500 million in additional revenue from wealthy taxpayers.
HM Revenue and Customs (HMRC) said it had compiled a list of billionaires with UK tax obligations for the first time, regardless of whether they formally live in the country. The move is intended to address a gap between the tax wealthy individuals should pay and what the authority actually collects.
Announcing the measures after Wednesday’s Budget, HMRC said each billionaire with a UK tax footprint would be assigned a customer compliance manager (CCM). The authority said the complex financial affairs of billionaires can span several taxes, corporate entities and jurisdictions, making early and coordinated engagement important.
“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.
The managers will offer voluntary discussions before individuals file their tax returns. HMRC said this would help establish a shared understanding of their UK tax affairs and make subsequent engagement more focused and proportionate.
How will HMRC monitor wealthy taxpayers?
The billionaire initiative forms part of a broader overhaul of how HMRC handles wealthy individuals. The authority defines this group as people who have earned more than £200,000 or held assets worth more than £2 million in any of the previous three years.
HMRC plans to use advanced analytics, automated triggers and artificial intelligence (AI) to identify potential compliance risks earlier and direct resources towards cases where intervention could have the greatest impact.
The technology is intended to help the authority identify emerging risks and scrutinise complex financial arrangements more effectively. However, being classified as wealthy or assigned a compliance manager does not, by itself, mean an individual has underpaid tax.
The wider initiative follows criticism of HMRC’s ability to monitor wealthy taxpayers. In July 2025, MPs on the Public Accounts Committee questioned the authority over its understanding of compliance among about 1.3 million wealthy taxpayers.
What is the wealthy tax gap?
HMRC estimated the wealthy tax gap at £3.6bn for the 2024-25 tax year. That represents around six per cent of the UK’s overall tax gap, which measures the difference between the tax expected to be collected and the amount actually received.
The authority said the new measures would contribute at least £500m towards its wider commitment to raise £10bn in additional tax revenue by 2030. The £500m is a target for additional revenue, rather than money already collected through the initiative.
The measures also place a wider group of high earners and asset holders under scrutiny, not just billionaires.
Adam Craggs, head of tax, investigations and financial crime at law firm RPC, said anyone earning more than £200,000 a year or holding net assets above £2m should review their tax position.
He said they should “reflect on how clearly they understand and can evidence their UK tax position and their interaction with HMRC”.
For wealthy taxpayers with international interests, the changes signal a greater emphasis on documenting their UK tax obligations and addressing potential issues before they develop into formal disputes.
