His Majesty’s Revenue and Customs (HMRC) has assigned personal compliance managers to every billionaire linked to the UK. The agency compiled this list using internal records, public rich lists, and data shared by foreign governments. While the exact number of individuals remains undisclosed, the authority plans to release details in a wealthy compliance plan scheduled for later this year.
The National Audit Office previously reported that HMRC assigned managers to approximately 15,000 wealthy taxpayers, representing about 2% of that group. The Public Accounts Committee noted that the agency struggles to track the total tax contributions of UK billionaires. Each assigned manager is responsible for mapping an individual's connections to trusts, companies, and other financial entities.
Crypto assets are treated equally to other forms of wealth once thresholds are met. Under the Cryptoasset Reporting Framework, which took effect in January, trading platforms must share customer records with tax authorities. HMRC expects to begin receiving this exchange data in 2027. The agency will release further updates on its compliance strategy before the end of 2026.
Government data for the 2024-25 period shows that 17,600 individuals declared £1,38 billion in crypto gains. Among them, 240 crypto millionaires reported £717 million in profits. Additionally, HMRC issued 65,000 warning letters to suspected crypto traders during the same period, a significant increase from the 27,700 letters sent previously.
