Select committee: Public Accounts Committee
Recommendation 7
40th Report - Collecting the right tax from wealthy individuals
Published 16 Jul 2025
Addressed to HM Treasury
Public Accounts Committee Collecting the right tax from wealthy individuals All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Recommendation (the committee's words)
We asked HMRC about its ambitions and priorities for ensuring that wealthy individuals pay all the taxes that they should. HMRC told us that it has significant opportunity to do more and that is working with Ministers to secure the funding and ensure that the wealthy team has the capacity and capability it needs to undertake more activity.9 HMRC told us it has secured funding to increase the current wealthy team of around 1,000 people by an additional 400 staff. It aims to bring in at least an additional £500 million of yield over the next three or four years from more resources and activity focused on tackling wealthy offshore risks.10 5 C&AG’s Report, para 4 6 Committee of Public Accounts, Collecting the right tax from wealthy individuals written evidence 7 C&AG’s Report, paras 3.2, 3.3 8 Q 107 9 Qq 11, 67 10 Qq 11, 13, 49 9
From: Public Accounts Committee, 40th Report - Collecting the right tax from wealthy individuals (HC 827), 16 July 2025
Government response
Latest Treasury Minutes progress report to the Committee of Public Accounts on the Fortieth Report of Session 2024-26
The government responded to the whole report on 4 June 2026 (deadline 16 September 2025).
Treasury minutes: Government response to the Committee of Public Accounts on the Fourtieth report from Session 2024-26
Published 15 October 2025.
Summary written by Accountability Index from the government's response. It is not the government's own words.The government states that it agrees with the Committee's recommendations, setting mostly Autumn 2026 target dates, while declining one specific proposal on penalty targets.
- On the plan to increase yield from wealthy taxpayers, the government agrees and HMRC "will publish its plan in spring 2026" with timelines and outcomes for each objective.
- On data about billionaires and wealth, the government agrees. HMRC will provide the Committee with assurance by autumn 2026 that identified billionaires with a UK tax footprint have an allocated Customer Compliance Manager.
- On penalties for enablers of tax evasion, the government agrees to the recommendation but HMRC "is not minded to set an annual target", because issuing penalties "is dependent on the behaviours shown by taxpayers and enablers in each specific case".
- On the wealthy tax gap, the government agrees, and HMRC "will write to the Committee in Autumn 2026" updating on progress in improving the estimate.