European bankers are among the UK’s wealthiest taxpayers who paid £1.7bn less to HM Revenue and Customs during 2018-9 than they should have, according to the latest figures.

However, this underpayment was the smallest of any group recorded by the UK tax authorities. Individuals outside HMRC’s “wealthy” category — those earning less than £200,000 a year — collectively underpaid their taxes by £2.4bn, the figures suggest. Small businesses underpaid by £13.4bn.