The committee recommends adopting AI and enhanced data collection methods to improve the assessment of billionaire wealth and tax compliance.

Labour MP Rachel Reeves faces pressure to find billions of pounds to address public finance gaps, with proposals such as a wealth tax on assets over £10 million, which former Labour leader Lord Kinnock suggests could raise around £11 billion annually.

Public interest in transparency about the wealth and tax contributions of the super-rich is high, with calls for everyone to pay their fair share.

Tax Justice UK stresses the need for HMRC to bolster its resources and capabilities, including leveraging data sources like The Sunday Times Rich List and artificial intelligence, to effectively administer a fair tax system.

The U.S. IRS collaborates with researchers to connect data with Forbes 400, offering a potential model for HMRC to improve its oversight of billionaire wealth.

Over the past two years, 18 UK billionaires have left the country, raising fears that proposed tax increases may be prompting an exodus of the wealthy.

HMRC has been criticized for failing to issue penalties to those aiding tax evasion, despite the role of advisors in facilitating tax avoidance.

The Sunday Times Rich List reports 155 billionaires in the UK, prompting calls for HMRC to compare its records with available billionaire data for better oversight.

Disappointment was expressed that HMRC could not provide detailed insights into billionaires' tax affairs, despite public information being available.

The PAC recommends segmenting wealthy taxpayers by wealth levels and complexity to improve risk assessment and targeted enforcement.

Currently, HMRC does not collect detailed information on individual wealth, focusing only on data necessary for tax administration under UK law.

Despite HMRC's efforts to increase tax collection from the wealthy, rising from £2.2 billion in 2019/20 to £5.2 billion in 2023/24, significant challenges remain in accurately assessing the total wealth and tax contributions of billionaires, with concerns about potential non-compliance.

Labour MPs criticize the government's focus on protecting extreme wealth rather than scrutinizing it, arguing that a fair tax system should ensure the wealthy pay their fair share.