Increase in compliance yield from ‘wealthy’ taxpayers

HMRC’s annual ‘compliance yield’ from wealthy taxpayers more than doubled from GBP2.2 billion in the 2019/20 tax year to GBP5.2 billion in 2023/24, according to a report from the government’s National Audit Office (NAO). The NAO says the large increase suggests that underlying levels of non-compliance among the wealthy population could be greater than previously estimated. Collectively, the 850,000 people earning more than GBP200,000 a year or with assets of more than GBP2 million paid GBP119 billion in personal taxes in 2023/24, some 25 per cent of the UK’s personal tax receipts.

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