"The top 1% of taxpayers are responsible for around a third of the total paid in Income Tax and Capital Gains Tax (CGT), new data from Wealth Club, the UK's largest non-advisory investment service for tax-efficient and private market investments, shows. Its Freedom of Information request to HMRC found 500,000 individuals paid £93.828 billion in income tax and CGT in the 2023/24 tax year equivalent to 33% of the total £288.5 billion raised."
"If just a handful of these wealth creators were to leave, the fiscal impact would be both immediate and severe. The government needs to think very carefully before slapping another round of taxes on wealthier individuals in the forthcoming Budget. For instance, if the top 100 taxpayers decided to up sticks and leave the country - which could easily happen - that would be an immediate loss of £4.1 billion in tax revenues."
Freedom of Information data to HMRC found the top 1% of UK taxpayers — 500,000 individuals — paid £93.828 billion in income tax and capital gains tax (CGT) in 2023/24, equal to 33% of the £288.5 billion total. Payments by the top 500,000 rose nearly £4 billion from 2022/23. The top 100,000 taxpayers paid £54.9 billion, or 19% of total revenue, about £1.2 billion more than the previous year. The top 100 taxpayers paid £4.1 billion. Heavy concentration of tax receipts in a small cohort creates a pronounced fiscal dependency and potential immediate revenue loss if high contributors leave.
Read at London Business News | Londonlovesbusiness.com
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