UK Doesn’t Know How Much Billionaires Pay in Taxes, MPs Say

The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.

His Majesty’s Revenue and Customs has an incomplete grasp of the financial affairs of billionaires, the cross-party group of Members of Parliament on the Public Accounts Committee said in a report Wednesday, expressing disappointment over the lack of data collection on their wealth and assets.