The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.
His Majesty’s Revenue and Customs has an incomplete grasp of the financial affairs of billionaires, the cross-party group of Members of Parliament on the Public Accounts Committee said in a report Wednesday, expressing disappointment over the lack of data collection on their wealth and assets.
“We found a similar apparent lack of curiosity in how wide the tax gap is both for the very wealthy and for wealth stashed offshore,” Labour ...
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