HMRC is about income and other transactional taxes in the UK. They are not implementing a wealth tax based on knowing the global assets of people.
Brief_Inspection7697 on
Oh, they know. They also know that revealing the figure would start riots.
Intrepid-Account743 on
There’s only about 150–doesn’t say much for the HMRC.
Oh, but of course they spend all their time investigating benefit „fraud“…
Glad they have their priorities straight!
socratic-meth on
SELECT Name, SUM(Tax) AS TotalTax
FROM tax_payers
GROUP BY Name
HAVING SUM(Income) >= 1000000000
compilerbusy on
Income is not wealth, as other comments have said.
That being said there is infrastructure for funds held in bank accounts, i haven’t checked where that’s at lately.
Then there will be things like stakes in companies, shares, etc. Which i imagine is probably held in some archaic system somewhere which would need significant work.
SP1570 on
So HMRC is focusing on its core job (collecting taxes and duties) rather than collating statistics…next!
Toastlove on
They pay taxes in the UK everytime they spend money here, they just aren’t likely to be paying income tax because they will have bank accounts and income in a whole slew of different countries.
[deleted] on
[deleted]
OldAndBald2025 on
Yeah…sounds right…but hey Starmer, you keep chasing those wheelchair jockeys and old people eh?
AppointmentTop3948 on
They could figure it out very quickly though. They don’t want to publish that data as it would show why tax receipts went up by such a small amount this year. The wealth is leaving the country we will suffer as a result.
IamlostlikeZoroIs on
HMRC paid Facebook for advertising more than Facebook paid in taxes.
RiseUpAndGetOut on
Buuuut it’s not HMRC’s job to track wealth……next article please.
Common-Ad6470 on
Of course, far easier to go after all the PAYE employees as they are easier to tax than those elusive billionaires with wealth and income buried deep in overseas interests.
Honest-Golf-3965 on
Im out here paying 45% fuckin tax and they send me mail if I miss a penny.
Fuckin ridiculous
Pezzadispenser on
Love it, don’t they? Setting us against one another and nobody even knows how much tax they are paying.
Difficult-Physics850 on
> We think there is scope for HMRC to use artificial intelligence (AI) to better exploit and analyse data and, in this way, improve its risk assessment and targeting of wealthy individuals. Possible uses of AI to speed up the system include sifting large amounts of data and suggesting what information is missing from tax returns.
„Grok, how much tax should they pay?“
Also this one is just depressing
> In 2023–24, HMRC reported £5.2 billion of compliance yield from
wealthy individuals, up from £2.2 billion in 2019–20. This large increase
in compliance yield contrasts with a relatively stable tax gap for wealthy
individuals. Compliance yield has increased by £3 billion, which is over
£1 billion more than HMRC’s estimate of the wealthy tax gap of £1.9 billion.
This suggests either non-compliance among the wealthy has got worse,
or that previous estimates of the extent to which they were avoiding tax
were too low.
In the space of 3 years the increase from trying to get wealthy people to actually pay what they’re supposed to would cover the entirety of some of the cuts we’ve seen recently.
> It is aiming to secure at least an
additional £500 million of yield from its work tackling wealthy offshore risks
by 2029–30, as part of a broader target to bring in an extra £7.5 billion.
The gap is staggeringly large.
Nima-night on
Why don’t we use the same department that hunts benefit cheats and use these as the government pulls out all stops for £20 fraud but not millions it can’t even count the amount of people paying tax.
Can you see what’s clearly wrong here. The government is prioritising hunting imaginary benefit cheats and won’t hurt the real cheats or even count the amount of billionaires that pay tax it’s like they don’t care about all that money but only the imaginary £20 sue got from selling a pair of jeans on eBay.
They can access there bank account go through every transaction to find where the money has been sent.
Why are these same powers not being used.
lostandfawnd on
Weird, there aren’t that many of them.
It’s even more strange that they know how many „benefit scroungers“ there are and seem to have enough resources to handle that.
Blackintosh on
Instead of going on about taxes, which will never resolve the issues we face in society. Why not look at the fact that extracting the value of a workforce’s labour and using that value for private gain is an unsustainable system and will never improve society?
Profits should be taxed, re-invested in the business producing it and then split between all staff members.
Public-Guidance-9560 on
But they absolutely know if you owe them 9p (Yes I filed a SA and paid the value and then for some reason I still had 9p left to pay and you bet they let me know about it like it was the end of the world!).
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HMRC is about income and other transactional taxes in the UK. They are not implementing a wealth tax based on knowing the global assets of people.
Oh, they know. They also know that revealing the figure would start riots.
There’s only about 150–doesn’t say much for the HMRC.
Oh, but of course they spend all their time investigating benefit „fraud“…
Glad they have their priorities straight!
SELECT Name, SUM(Tax) AS TotalTax
FROM tax_payers
GROUP BY Name
HAVING SUM(Income) >= 1000000000
Income is not wealth, as other comments have said.
That being said there is infrastructure for funds held in bank accounts, i haven’t checked where that’s at lately.
Then there will be things like stakes in companies, shares, etc. Which i imagine is probably held in some archaic system somewhere which would need significant work.
So HMRC is focusing on its core job (collecting taxes and duties) rather than collating statistics…next!
They pay taxes in the UK everytime they spend money here, they just aren’t likely to be paying income tax because they will have bank accounts and income in a whole slew of different countries.
[deleted]
Yeah…sounds right…but hey Starmer, you keep chasing those wheelchair jockeys and old people eh?
They could figure it out very quickly though. They don’t want to publish that data as it would show why tax receipts went up by such a small amount this year. The wealth is leaving the country we will suffer as a result.
HMRC paid Facebook for advertising more than Facebook paid in taxes.
Buuuut it’s not HMRC’s job to track wealth……next article please.
Of course, far easier to go after all the PAYE employees as they are easier to tax than those elusive billionaires with wealth and income buried deep in overseas interests.
Im out here paying 45% fuckin tax and they send me mail if I miss a penny.
Fuckin ridiculous
Love it, don’t they? Setting us against one another and nobody even knows how much tax they are paying.
> We think there is scope for HMRC to use artificial intelligence (AI) to better exploit and analyse data and, in this way, improve its risk assessment and targeting of wealthy individuals. Possible uses of AI to speed up the system include sifting large amounts of data and suggesting what information is missing from tax returns.
„Grok, how much tax should they pay?“
Also this one is just depressing
> In 2023–24, HMRC reported £5.2 billion of compliance yield from
wealthy individuals, up from £2.2 billion in 2019–20. This large increase
in compliance yield contrasts with a relatively stable tax gap for wealthy
individuals. Compliance yield has increased by £3 billion, which is over
£1 billion more than HMRC’s estimate of the wealthy tax gap of £1.9 billion.
This suggests either non-compliance among the wealthy has got worse,
or that previous estimates of the extent to which they were avoiding tax
were too low.
In the space of 3 years the increase from trying to get wealthy people to actually pay what they’re supposed to would cover the entirety of some of the cuts we’ve seen recently.
> It is aiming to secure at least an
additional £500 million of yield from its work tackling wealthy offshore risks
by 2029–30, as part of a broader target to bring in an extra £7.5 billion.
The gap is staggeringly large.
Why don’t we use the same department that hunts benefit cheats and use these as the government pulls out all stops for £20 fraud but not millions it can’t even count the amount of people paying tax.
Can you see what’s clearly wrong here. The government is prioritising hunting imaginary benefit cheats and won’t hurt the real cheats or even count the amount of billionaires that pay tax it’s like they don’t care about all that money but only the imaginary £20 sue got from selling a pair of jeans on eBay.
They can access there bank account go through every transaction to find where the money has been sent.
Why are these same powers not being used.
Weird, there aren’t that many of them.
It’s even more strange that they know how many „benefit scroungers“ there are and seem to have enough resources to handle that.
Instead of going on about taxes, which will never resolve the issues we face in society. Why not look at the fact that extracting the value of a workforce’s labour and using that value for private gain is an unsustainable system and will never improve society?
Profits should be taxed, re-invested in the business producing it and then split between all staff members.
But they absolutely know if you owe them 9p (Yes I filed a SA and paid the value and then for some reason I still had 9p left to pay and you bet they let me know about it like it was the end of the world!).