The UK government has initiated a tax crackdown targeting non-domiciled individuals and private equity executives, aiming to raise approximately £565 million from this sector. The crackdown includes enhanced powers for HM Revenue and Customs (HMRC), which will now have the authority to engage directly with banks regarding tax compliance. The government is also consulting on the taxation of carried interest, a key issue for private equity firms. Critics argue that the measures may not sufficiently address broader tax avoidance strategies, such as profit shifting, used by wealthy residents and non-doms alike. The consultation reflects ongoing discussions about the fairness and effectiveness of the UK tax system in relation to high earners and investment managers.