Top 0.1% of income tax payers fork out £22 billion as the rich get richer and fork out an average £750,000 each to the tax man

By Alex Hawkes

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Britain's top 30,000 income tax payers will stump up 14 per cent of the total this year, almost double the share they paid ten years ago, according to figures from Revenue & Customs.

The change is due to the booming wealth of Britain’s richest taxpayers, rising tax rates and shifts in the burden from poorer to wealthier individuals, experts said.

The rise means that the top  0.1 per cent will pay almost  £22 billion in income tax  this year – or an average of  almost £750,000 each.

Luxury cars are just one thing on the shopping list of the top 0.1%

Luxury cars are just one thing on the shopping list of the top 0.1%

Revenue & Customs put out the figures in response to a Freedom of Information Act from an unnamed enquirer.

The share of total income tax paid by the top 0.1 per cent of taxpayers was 7.5 per cent in 2003-4 and is projected to hit 14.1 per cent this year.

Carl Emmerson, deputy director of the Institute for Fiscal Studies, said the rising share paid by the highest earners was a reflection of changes in tax rates as well as a wider gap between Britain’s richest and poorest.

 

He said: ‘The top rate of income tax, at 45 per cent, is higher than in most of the years since 2000 and the Coalition has increased the personal allowance.

‘So the impact of this will be to deliver a relatively high share of income tax paid by the highest earners.’

Ironically there could also have been a temporary boost in the share paid by top earners in 2013-14 because of the lowering of the top rate of  tax from 50 per cent to 45 per cent. It is thought many company director and City bankers were able to time the payments of bonuses and dividends into the new tax year when they would be liable for the lower rate.

The Conservative’s Exchequer Secretary David Gauke mentioned the Revenue & Customs data at the Conservative party conference last week, saying: ‘We need to be attracting high-earning people to the UK  and keeping those people in the UK.’

The comments below have not been moderated.

Anthony, wait till this Government let in thousands more next year! It's all a con they want to let more EU people in, the rich will get richer ....

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be that as it may, we all know the 'envy brigade' will still insist they aren't contributing enough - won't you Mr Clegg and Mr Cable?

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my best friend's step-aunt makes $87 hourly on the computer. She has been out of work for nine months but last month her paycheck was $12968 just working on the computer for a few hours. Continued>>>>>>>>>> ­Works23.CoM

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The only people we seem to be able to attract with ease - and keep here - are those who come for the benefits and the free housing etc... Maybe if Mr Gauke and his colleagues did more tackle benefit tourism, we wouldn't need to have such high taxes in the UK? But maybe that's a bit too simple for a politician?!

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