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Amount UK's richest pay in income tax revealed (www.bbc.com)

submitted 1 month ago by Emperor to c/unitedkingdom

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Sixty of the wealthiest people in the UK collectively contributed more than £3bn a year in income tax, the BBC has learned.

The amount of income tax they paid is roughly equivalent to around two-thirds of Labour’s entire additional spending commitments in their manifesto earlier this year.

Each of the 60 individuals had an income of at least £50m a year in 2021/22, but many will have earned far more and probably pay large amounts in other taxes too.

There is concern tax rises in this month's Budget could prompt an exit of the super-rich, hurting UK finances. Labour ruled out income tax changes, but Chancellor Rachel Reeves left the door open for other tax hikes.

A Treasury spokesperson said the government was committed to "addressing unfairness in the tax system".

Swiss banking giant UBS predicted in July the UK would lose half its millionaires by 2028, partly as a result of some switching to low-tax countries.

The Institute for Fiscal Studies said the Treasury needed to be aware that a small number of this super-rich group leaving the country would create a "relatively big hole in its finances”.

But the Green Party argued claims taxing the wealthy more would lead to them leaving the UK were not credible.

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[–] mannycalavera 4 points 1 month ago

Ha! What the Swiss don't realise is that we can simply tax everyone else more. Fools 😂.