HM Revenue and Customs does not know how many billionaires pay tax in the UK, according to a new report by MPs.
The Public Accounts Committee says this is despite the fact only a small number of people have this status – and the significant sums of money involved.
HMRC has been told it “can and must” do more to understand how much the very wealthiest in society contribute to the public purse, as “there is a lot of money being left on the table”.
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Artificial intelligence and The Sunday Times Rich List were identified as two ways of getting a clearer picture.
The taxman is facing calls to reveal how it plans to increase contributions from billionaires both domestically and offshore, amid a squeeze in the public finances.
MPs added: “There is much public interest in the amount of tax the wealthy pay. People need to know everyone pays their fair share.”
The report pointed to the US, where the Internal Revenue Service links its data to the Forbes 400 list of rich Americans.
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PAC member Lloyd Hatton added: “This report is not concerned with political debate around the redistribution of wealth.
“Our committee’s role is to help HMRC do its job properly, ensuring wealthy people pay the correct tax.
“While HMRC does deserve some great credit for securing billions more in the tax take from the wealthiest in recent years, there is still a very long way to go before we can reach a true accounting of what is owed.”
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Mr Hatton added that the committee was “disappointed” that HMRC could not offer any insights into the tax arrangements of billionaires from its own data – as “any single one of these individuals’ contributions could make a significant difference to the overall picture”.
At present, about 1,000 people within HMRC are focused on the tax affairs of the UK’s wealthiest, but funding has been secured to increase this headcount by 400 – with a view to “increasing prosecutions of those who evade tax”.
A spokesperson added: “The government is determined to make sure everyone pays the tax they owe.
“Extra resources were announced in the recent spending review which allows us to significantly step up our work on closing the tax gap among the wealthiest.”
