HM Revenue and Customs (HMRC) has been heavily criticised by MPs for not knowing how many billionaires pay tax in the UK, despite the limited number of individuals involved and the potentially vast sums at stake.
In a new report published by the Public Accounts Committee (PAC), MPs warned that HMRC must do more to understand and ensure how much the wealthiest are contributing to the public purse.
The report revealed that HMRC currently has no reliable method of tracking billionaire taxpayers, even though public interest in how much the ultra-wealthy contribute has never been higher.
“There is much public interest in the amount of tax the wealthy pay,” the report noted. “People need to know everyone pays their fair share.”
PAC member Lloyd Hatton said the issue was not about political arguments over wealth redistribution but about making sure HMRC is fit for purpose.
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