In just four years HMRC has increased the amount of tax brought in through wealth compliance by £3bn, but the PAC has said this either means non-compliance has got worse or the previous estimations were far too low.

Member of the PAC, Lloyd Hatton said: ‘This report is not concerned with political debate around the redistribution of wealth. Our committee’s role is to help HMRC do its job properly ensuring wealthy people pay the correct tax.

‘While HMRC does deserve some great credit for securing billions more in the tax take from the wealthiest in recent years, there is still a very long way to go before we can reach a true accounting of what is owed.’

HMRC previously admitted to not knowing the exact number of billionaires in the UK that pay tax, which the PAC was bemused by, asking why it did not cross reference publicised lists such as the Sunday Time Rich List and its own data to determine this. According to the 2025 Rich List there are 156 billionaires in the UK.