HMRC has expanded its billionaire oversight program to include all individuals with a UK tax footprint, not just those who file British tax returns. According to reports from The Times, the tax authority has assigned personal compliance managers to every billionaire it can link to the UK, with the program now covering anyone with a UK tax connection. HMRC has not published names or a headcount of the program, with figures set to appear in a wealthy compliance plan due later this year. The National Audit Office previously found that HMRC assigned compliance managers to approximately 15,000 wealthy taxpayers, representing roughly 2% of the group with allocation based on risk rather than wealth alone.
The expanded program represents a significant broadening of HMRC's compliance approach, moving beyond traditional tax filing requirements. As reported by The Times, HMRC rebuilt the list using its own records, public information such as rich lists, and data shared by other governments. Each compliance manager maps one person to their connected companies, trusts and other entities, providing enhanced visibility into billionaire wealth structures. The move follows National Audit Office recommendations and marks a more intensive compliance focus on wealthy individuals' complex tax affairs.
The Cryptoasset Reporting Framework took effect in Britain in January, with international standards forcing trading platforms to hand customer records to tax authorities. According to government data reported by The Times, 17,600 people declared £1.38 billion in cryptoasset gains for 2024-25, with 240 crypto millionaires accounting for £717 million of those gains. HMRC also sent 65,000 warning letters to suspected crypto traders that year, up from 27,700 in the previous period.
The exchange data files are scheduled to begin feeding into HMRC in 2027, following the international standard implementation. As reported by The Times, HMRC has not specified whether any crypto billionaire sits on the current compliance manager list, though wealth built in tokens counts the same as property wealth once thresholds are cleared. The compliance plan due before the end of 2026 represents the next point at which the list's size will become publicly available.
