14
HMRC lacks firm plans or timescales for collecting comprehensive information from wealthy individuals.
Recommendation
HMRC has an ambition to collect more information from wealthy individuals with more complex affairs, in line with international best practice. However, HMRC has set no firm plans or timescales.25 We asked HMRC about its progress in collecting more information from wealthy individuals. HMRC told us that it is for Ministers to make decisions about requesting more information and instead highlighted the value of international agreements in improving its access to data, as well as the future improvements it expects via crypto asset reporting and the register of overseas entities.26
Government Response
A response document is linked to this report, dated 15 October 2025. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Report
40th Report - Collecting the right tax from wealthy individuals
16 Jul 2025
HC 827
Addressee Bodies
HM Treasury
Timeline
Recommendation age
1.2 yr
Report published
16 Jul 2025