HM Revenue & Customs has created a list of more than 200 UK-linked billionaires as part of a tax crackdown on the nation's wealthiest individuals. The tax authority has assigned each billionaire a customer compliance manager and invited them to voluntary pre-filing discussions, aiming to raise £500mn in additional tax by 2029-30.
The list includes anyone with a net worth exceeding £1bn who files a UK self-assessment tax return, regardless of residency status. HMRC will use advanced analytics, automated triggers and artificial intelligence to research their affairs, updating the list annually based on internal records, public information and international tax authority data.
The initiative targets the wealthy tax gap of £3.6bn, or 6% of the total tax gap, caused by rich individuals not paying what they ought if all assets were disclosed. Penalties for non-compliance have risen from 456 in 2023-24 to 803 in 2025-26.
Law firm Payne Hicks Beach reports billionaires have expressed scepticism about how their information will be used. The government also announced tax reforms for wealthy Americans with US LLC income, creating a tax credit from 2028 for taxes already paid abroad.
Source: Financial Times Companies · Summarized by HeadlinesBriefing