Britain’s prime 100,000 taxpayers paid virtually 1 / 4 (24 per cent) of all revenue and capital features tax in 2021/22, new knowledge has revealed.
The UK’s prime 100,000 taxpayers, making up 0.3 per cent of the whole variety of taxpayers, footed a mean revenue and capital features invoice of £559,000 every, up 18 per cent from the 12 months earlier than, based on a freedom of knowledge request obtained by retail funding agency Wealth Membership.
In the meantime, the highest 100 taxpayers paid a mean of £46m every in revenue and capital features tax, up 14 per cent from the earlier 12 months.
Wealth Membership mentioned the general revenue and capital features tax take from the highest 100,000 had risen by 45 per cent in 5 years.
“It’s generally claimed that rich people don’t pay their fair proportion of tax. These figures show what a fantasy that’s,” mentioned Alex Davies, the founding father of Wealth Membership. “The message is obvious for politicians of all persuasions when deciding future tax coverage – tread very fastidiously.”
He added: “The rich are a cellular bunch, confirmed by the truth that an estimated 3,200 millionaires are anticipated to depart the UK this 12 months. And so they pay a major proportion of the UK’s tax.
“If the highest 100 taxpayers up sticks and transfer to sunnier tax climates, that will be £4.6bn much less in tax receipts. If the highest 1,000 taxpayers migrated out of the UK, that determine would rise to £11.5bn, leaving an enormous hole within the nation’s funds.”
Wealth Membership’s warning comes after a YouGov ballot earlier this 12 months discovered three-quarters of Britons supported the introduction of a wealth tax. Nonetheless, analysis by marketing campaign group Patriotic Millionaires printed in March confirmed that round two-thirds of UK millionairesactually held the identical view.
The Chancellor Jeremy Hunt introduced a raft of what he described as tax cuts on the Autumn Assertion.
Nonetheless beforehand introduced freezes to tax thresholds will greater than counterweigh these measures and end in Brits lumbered with the best tax burden in additional than seventy years.