HMRC puts 200 billionaires on UK tax crackdown hitlist

The UK's tax authority, HMRC, has compiled a list of over 200 billionaires who are required to pay tax in the country, regardless of their residence. This move is part of a crackdown aimed at raising £500m for the public purse. The authority will assign dedicated "customer compliance managers" to discuss tax compliance with these wealthy individuals, in an effort to close the "wealthy tax gap" caused by those who do not pay their fair share.

Why it matters

The UK's tax authority is cracking down on billionaires to raise tax revenues. This move is expected to increase tax compliance and generate more revenue for the government.

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