Source · Select Committees · Public Accounts Committee
Recommendation 14
14
Accepted
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 Summary
HMRC will request more data on assets and wealth from those taxpayers it suspects have high or very high levels of wealth and provide a further update in Autumn 2026 on any progress made on acquiring additional data sets. HMRC will set out its progress on this to the Committee in Autumn 2026.
Government Response
Accepted
HM Government
Accepted
3b. PAC Recommendation: • the steps it will take to request more data on assets and wealth from those taxpayers it suspects have high or very high levels of wealth, taking into account that any additional administrative burdens on the very wealthiest are likely to be perfectly manageable given their resources; and 3.5 The government agrees with the Committee’s recommendation. Recommendation implemented 3.6 The First Permanent Secretary of HMRC has written to the Committee alongside this Treasury Minute response setting out the steps the department will take to request more data. HMRC will provide a further update in Autumn 2026 on any progress made on acquiring additional data sets. 3.7 HMRC regularly explores where additional data could assist closure of the tax gap. This has led to additional reporting and receipt of data. For example, HMRC has recently implemented new regulations, such as the Crypto-Asset Reporting Framework. Informed by operational work and insight gained from external recruits alongside work with international partners, HMRC will set out its progress on this to the Committee in Autumn 2026. It is a matter of policy and subject to ministerial decision whether additional information is requested directly from wealthy individuals.