HMRC has assigned personal compliance managers to every billionaire it can link to the UK, rebuilding the list from internal and public records plus international data. The agency has not published names or a headcount; those figures will be revealed in a wealthy compliance plan due before the end of 2026. New reporting rules under the Cryptoasset Reporting Framework will start sending exchange data to HMRC in 2027, substantially increasing visibility into crypto wealth.
HMRC’s Billionaire Map — Are Crypto Fortunes Next to Be Tracked?
HMRC billionaire tax scrutiny widens as UK crypto wealth faces new reporting rules. Photo by BeInCrypto
His Majesty's Revenue and Customs (HMRC) has assigned a dedicated personal compliance manager to every billionaire it can link to the United Kingdom, extending oversight beyond those who currently file UK tax returns.
What HMRC Has Done
HMRC rebuilt its list of wealthy individuals using internal records, public rich lists and information shared by other governments. Each compliance manager is responsible for mapping one individual to their network of companies, trusts and related entities to improve tax compliance and oversight.
Limits of Visibility
"HMRC cannot identify how much tax is paid by UK billionaires, despite the relatively small number of individuals and significant sums of money involved,"
The cross-party Public Accounts Committee highlighted that HMRC still lacks full visibility into billionaire tax payments. Last year the National Audit Office found HMRC had assigned compliance managers to roughly 15,000 wealthy taxpayers — about 2% of that cohort — and that those assignments were driven by risk indicators rather than net worth alone.
Crypto On The Radar
HMRC has not confirmed whether holders of large crypto fortunes are included on its billionaire roster, but officials say wealth held in tokens is treated the same as wealth held in property once the relevant thresholds are met. What is changing is HMRC's ability to see crypto activity.
Cryptoasset Reporting Framework
The international Cryptoasset Reporting Framework came into force in the UK in January. Under these rules, trading platforms must share customer records with tax authorities. UK rules will begin delivering exchange-level data to HMRC in 2027, which should materially increase transparency around crypto holdings and transactions.
Numbers To Watch
Government data show that for 2024–25, 17,600 individuals declared a combined £1.38 billion in cryptoasset gains. Within that group, 240 crypto millionaires accounted for £717 million of the reported gains. The agency also issued 65,000 warning letters to suspected crypto traders in the same year, up from 27,700 previously.
Next Steps
HMRC says it will publish the size of its wealthy-persons list and further details in a wealthy compliance plan due before the end of 2026. Exchange reporting under the Cryptoasset Reporting Framework is expected to begin feeding HMRC in 2027, likely sharpening the agency's ability to detect and investigate undeclared crypto income.
Original reporting: "The UK Taxman Just Built a Billionaire Map. Is Crypto Wealth Next?" by Lockridge Okoth at BeinCrypto.
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