Amount UK's richest pay in income tax revealed

Published On Oct 8, 2024, 7:38 PM

A report reveals that sixty of the wealthiest individuals in the UK collectively paid over £3 billion in income tax for the fiscal year 2021/22. This amount accounts for about 1.4% of the UK's total income tax receipts. Concerns are rising regarding potential tax increases in the upcoming Budget, which could lead to these wealthy individuals leaving the UK, potentially creating significant financial gaps for the government. While Labour has ruled out income tax changes, other tax hikes remain a possibility. Discussions also include proposals for an 'exit tax' aimed at discouraging the wealthy from leaving the country. Despite fears, some argue that the wealthy have multiple reasons to remain in the UK beyond tax considerations.