From www.accountingweb.co.uk: [UK context] A National Audit Office report criticises HMRC for its inadequate efforts to maximize tax collection from wealthy individuals, revealing that the wealthy tax gap is likely underestimated and compliance issues with offshore income remain unresolved.

The report highlights that only 456 penalties were issued to wealthy taxpayers in 2023/24, compared to over 2,000 in previous years, raising concerns about enforcement.

The NAO recommends HMRC develop a comprehensive strategy to address non-compliance among the rich and improve their risk assessment and data sharing with international tax authorities.