Charlie Sosna, Head of International and Head of Private Wealth and Tax, has commented in Bloomberg, The Telegraph and GB News on HMRC’s increased scrutiny of the UK tax affairs of billionaires and ultra-high-net-worth individuals.
Charlie commented on HMRC’s move to assign dedicated tax compliance managers to billionaires with a UK tax footprint, as the tax authority seeks to build a clearer picture of individuals’ assets, investments, connected businesses, trusts and other entities.
Speaking about the increased scrutiny, Charlie noted that clients are already being contacted directly, as well as through their registered agents, with significant requests for information, which is causing concern. He said: “We are already seeing clients being contacted directly, as well as through their registered agents, with significant requests for information. Unsurprisingly, that is causing some concern. This looks to be part of a broader move towards greater scrutiny of the affairs of the very wealthy.”
In The Telegraph, Charlie highlighted the breadth of information being sought by HMRC, and he added that “clients are wary that once HMRC starts pulling at a thread, they don’t stop.”
In further commentary for Bloomberg, Charlie discussed concerns around the scope of HMRC’s requests and the importance of taking advice before responding. He said: “Some clients are seeking advice on whether they are legally required to provide everything HMRC has requested. It's really important to take advice early: sometimes the sensible approach is not simply to hand everything over automatically, but to understand what HMRC is entitled to ask for.”
Read the coverage:
HMRC Assigns Tax Compliance Manager to Every UK Billionaire – Bloomberg (subscription required)
HMRC assigns tax compliance managers to keep tabs on billionaires – The Telegraph (subscription required)
UK Billionaires Push Back After HMRC Seeks More Tax Information – Bloomberg (subscription required)
HMRC clampdown on Britain's billionaires as tax compliance managers to keep tabs on wealthiest – GB News