Quarter of all earnings and capital beneficial properties tax paid by simply 100,000 Brits – Investorempires.com

Britain’s prime 100,000 taxpayers paid nearly 1 / 4 (24 per cent) of all earnings and capital beneficial properties tax in 2021/22, new information has revealed.

The UK’s prime 100,000 taxpayers, making up 0.3 per cent of the overall variety of taxpayers, footed a median earnings and capital beneficial properties invoice of £559,000 every, up 18 per cent from the 12 months earlier than, in keeping with a freedom of data request obtained by retail funding agency Wealth Membership.

In the meantime, the highest 100 taxpayers paid a median of £46m every in earnings and capital beneficial properties tax, up 14 per cent from the earlier 12 months.

Wealth Membership stated the general earnings and capital beneficial properties tax take from the highest 100,000 had risen by 45 per cent in 5 years.

“It is commonly claimed that wealthy individuals do not pay their fair share of tax. These figures prove what a myth that is,” stated Alex Davies, the founding father of Wealth Membership. “The message is clear for politicians of all persuasions when deciding future tax policy – tread very carefully.”

He added: “The rich are a cell 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 big proportion of the UK’s tax.

“If the top 100 taxpayers up sticks and move to sunnier tax climates, that would be £4.6bn less in tax receipts. If the top 1,000 taxpayers migrated out of the UK, that figure would rise to £11.5bn, leaving a massive gap in the country’s finances.”

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 lead to Brits lumbered with the very best tax burden in additional than seventy years.