Story thread · 2 reports / 2 sources

Billionaires push back over UK tax managers keeping tabs on their money

thenationalnews.com · 2hShare

Billionaires with UK tax obligations are pushing back against sweeping requests for information from authorities seeking to map out their wealth and financial structures. Letters sent by His Majesty’s Revenue and Customs seeking in-depth information on assets, investments and financial structures are raising concerns over the legality of the requests and cost of compliance, according to tax and other advisers to the wealthy. HMRC sent letters to all billionaires with a UK tax footprint in the summer, appointing each a so-called customer compliance manager. Last year, a cross-party Parliamentary committee had found the tax authority had an incomplete grasp of billionaires’ financial affairs. In short, they did not know ow many billionaires paid tax in the UK. HMRC has also revised of its definition of UK billionaires to include people using offshore structures or property, rather than just those who file a UK tax return. The letters, extracts of which were seen by Bloomberg Tax, reveal

First report: Keeping billionaires and the taxman happy | Letters — theguardian.com, 2d