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Ask Me Anything: The Independent's chief political commentator John Rentoul on John Healey's first Budget

HMRC has paired over 200 billionaires connected to the UK with dedicated compliance managers to help manage their affairs and crackdown on tax avoidance.

The initiative targets the UK's wealthy tax gap, which was estimated at £3.6 billion for 2024/25 and represents six per cent of the country's total tax shortfall.

Financial Secretary James Murray stated that wealthy taxpayers accounted for £160 billion in receipts for 2025/26, but their complex global affairs require better-joined administration.

HMRC plans to utilise artificial intelligence, advanced analytics, and 400 new tax specialists to monitor affairs and identify potential tax risks earlier.

The strategy aims to generate at least £500 million as part of a broader government target to collect £10 billion in additional tax revenues by 2030.

In full HMRC targets 200 billionaires in…