Richest UK Taxpayers Shoulder Most of the UK’s Tax Burden
November 17, 2014 Taxation in UK
LONDON – New information has been released disproving the recent claims that the richest taxpayers in the UK are paying less taxes than low income earners.
The top 0.01 percent of earners in the UK pay out a greater share of the nation’s total tax revenue collections than the bottom third of earners in the country, according to new information released by the UK based journalist Fraser Nelson, following a Freedom of Information request lodged by him to the HM Revenue and Customs.
According to the information provided by the HMRC, the top 3 000 income earners in the UK provide approximately 4.2 percent of the government’s total revenue collections, while the lowest paid nine million taxpayers in the country paid out only 4 percent of the total tax revenues.
Fraser Nelson indicated that the current tax burden being felt by the country’s wealthiest taxpayers is now the highest on record, despite the fact that in April 2013 the country’s 50 percent top marginal tax rate was reduced to 45 percent.
He added further that the newest information proves that recent political claims that the country’s richest people are not paying tax are not factual, and that it would be difficult to justify any political proposal to reinstate the 50 percent top rate on high incomes.
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