Recommendation 15

HMRC could not tell us how many billionaires pay tax in the United Kingdom and explained that income and chargeable gains determine whether someone pays tax, not whether they are a billionaire. UK tax legislation does not require taxpayers to report data on their wealth, only on income and taxable events. HMRC said it therefore does not hold a list of billionaires, or have a legal mechanism for collecting information on taxpayers’ wealth.27 HMRC explained that, before this year when the non-dom regime was removed, a large number of non-domicile billionaires may have been resident in the UK with no taxation payable.28 It expects the removal of the non-dom regime, and the new requirement for these individuals to report their foreign income and gains, will enhance its information on and understanding of the some of the wealthiest individuals.29