The top 1% of UK taxpayers contributed a third of all income tax and capital gains tax (CGT) collected in the last financial year, according to new HMRC data that highlights the growing reliance on a small pool of high earners to support the public finances.
A Freedom of Information (FOI) request by investment service Wealth Club found that the top 500,000 taxpayers paid £93.8 billion in 2023/24, accounting for 33% of total income and CGT receipts. The top 100,000 earners alone contributed nearly £55 billion – almost one in every five pounds collected.
Wealth Club said the findings underline the fiscal risk of deterring high net worth individuals (HNWIs) from living and investing in the UK.
“A very small group of individuals is responsible for a disproportionately large share of the nation’s tax revenue,” said Alex Davies, founder and chief executive. “Rather than penalising success, we should be creating a stable and attractive environment where entrepreneurs and wealth generators choose to remain, invest and contribute to the nation’s long-term success.”
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