HM Revenue and Customs has assigned a personal compliance manager to every billionaire it can link to the UK, widening the scope beyond people who simply file a British tax return. The tax authority rebuilt its list using internal records, public sources including rich lists, and information shared by other governments.

Each compliance manager is tasked with mapping a single individual’s network of connected companies, trusts and other entities. Crypto has not been identified as the direct focus of the initiative, but the framework described in the source points to broader visibility across different forms of wealth as new reporting systems come online.

A broader list of high-wealth individuals

The move marks an expansion in how HMRC identifies ultra-wealthy people with UK ties. Instead of relying only on those already inside the British tax system, the authority has compiled a wider list that includes anyone it can connect to the country through available records and external data.

According to the source, HMRC’s approach combines its own files with publicly available information and data received from overseas tax authorities. The result is a more comprehensive map of individuals whose affairs may span multiple jurisdictions and legal structures.

What compliance managers are expected to do

Under the arrangement, each billionaire on the list receives a dedicated personal compliance manager. That person’s role is to build a picture of the individual’s related entities, including companies, trusts and other structures tied to their wealth.

The source does not describe the assignment as a crypto-specific crackdown. Instead, it presents the work as a broad compliance effort aimed at understanding how wealth is organized once someone meets the relevant threshold.

Crypto data is set to reach HMRC from 2027

Although crypto is not named as the explicit target, the reporting net is due to widen. Britain’s Cryptoasset Reporting Framework took effect in January, and international standards require trading platforms to provide customer records to tax authorities.

In the UK, exchange reporting under those rules will begin feeding data to HMRC in 2027. That timeline suggests crypto holdings and trading activity could become part of the wider picture available to the tax authority when assessing high-net-worth individuals and other taxpayers.

Declared crypto gains and warning letters rose

Government data cited in the source shows that 17,600 people declared £1.38 billion in cryptoasset gains for the 2024-25 period. Within that total were 240 crypto millionaires, who accounted for £717 million of the reported gains.

HMRC also sent 65,000 warning letters to suspected crypto traders during the same year, up from 27,700 previously. The figures indicate a sharp increase both in the scale of declared crypto-related gains and in the authority’s outreach to people it believes may have reporting obligations.

Next public milestone comes before end-2026

The next confirmed step is HMRC’s compliance plan, which is due before the end of 2026. According to the source, that document will publicly disclose the size of the billionaire list assembled by the tax authority.

A year later, exchange-file data is expected to start reaching HMRC under the UK crypto reporting rules. Together, those milestones will show both how large the expanded high-wealth list is and how much additional transaction data HMRC is set to receive.

Source: beincrypto.com