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Collecting the right tax from wealthy individuals

Original title

Collecting the right tax from wealthy individuals

Language: English

Audit Description

HM Revenue & Customs (HMRC) defines wealthy individuals as those earning more than £200,000 a year, or with assets over £2 million, in any of the last three years. In 2023-24, HMRC identified approximately 850,000 individuals as wealthy, around 2% of individual UK taxpayers. Wealthy individuals often have complicated tax affairs covering multiple taxes. They often have a wide spread of tax liabilities on both their income (in the form of Income Tax and National Insurance) and assets (in the form of Capital Gains Tax, Inheritance Tax and stamp duties). Wealthy individuals may adopt complex and sophisticated tax planning to reduce these liabilities. The complexity of their tax affairs may increase the potential for non-compliant behaviour, either deliberately in the form of tax avoidance or evasion, or mistakenly, by applying tax rules incorrectly. HMRC therefore treats wealthy individuals separately from other individual taxpayers.

Documentation

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Contact

UK NAO International Relations Team
Email link international@nao.org.uk
Contact link https://www.nao.org.uk/
METAINFO

Database

Audit

Audit ID

1751643619628

Author (country)

United Kingdom

Type

Performance

Type of performance

Performed by single SAI

Topic (subject)

Taxation and Duties

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