HMRC Maps Billionaire Connections Amid Crypto Wealth Transparency Push

The UK's tax authority, His Majesty's Revenue and Customs (HMRC), has created a comprehensive map of billionaires tied to the country. The list includes individuals who are not necessarily British residents or citizens but have connections to the UK.

HMRC assigned personal compliance managers to these billionaires based on risk rather than wealth alone. Initially, about 15,000 wealthy taxpayers had compliance managers allocated to them, which accounted for roughly 2% of the group.

HMRC rebuilt the list from its own records, public information such as rich lists, and data shared by other governments. Each manager maps one person to their connected companies, trusts, and other entities.

Crypto wealth is not explicitly targeted, but it's being brought into focus. HMRC has access to some exchange data through the Cryptoasset Reporting Framework, which took effect in Britain in January. This framework forces trading platforms to hand over customer records to tax authorities.