HMRC criticised by watchdog for failing to track billionaires’ tax

Report comes as government faces growing demands for wealth tax to improve health of public finances after welfare U-turn earlier this month

HM Revenue and Customs has been sharply criticised by parliament's spending watchdog for being unable to track how many billionaires pay tax in the UK.

In a highly critical report on the collection of tax from wealthy individuals, the influential Public Accounts Committee (PAC) said HMRC could not say how much the super-rich either contributed to the exchequer or avoided.