Tax contributions paid by the UK’s rich people elevated by 40% up to now 4 years alone, Ashtons evaluation exhibits.
Within the 2023-24 tax 12 months, rich people – outlined by HMRC as these incomes greater than £200,000 a 12 months, or with property over £2 million, in any of the final three years – paid a grand whole of £190 billion in tax.
Not solely does this mark an annual enhance of three.7%, but in addition a staggering enhance of 39.8% over the previous 4 years.
In April 2025 the UK’s non-dom tax guidelines have been overhauled to make sure individuals pay UK tax on abroad earnings when dwelling within the UK – affecting millionaires additional.
By June it’s estimated that 10% of UK non-doms have already left the nation, with many extra already planning for his or her exit. And that is regardless of the four-year leeway supplied to new UK tax residents.
Alena Lesina, citizenship, residence allow, and actual property funding knowledgeable for Astons, mentioned: “The massive enhance in tax being taken from the UK’s rich inhabitants over the previous few years goes a good distance in the direction of explaining why so many are selecting to depart.
“There are international locations around the globe that take a much more supportive and inspiring stance in the direction of wealth creation, recognising the worth that high-net-worth people carry by means of job creation, enterprise funding, and wider financial contribution.
“Because of this, these nations usually provide much more enticing tax regimes than the UK, with some actively encouraging relocation by means of Residency by Funding programmes – also referred to as Golden Visas – which grant full residency rights in change for monetary funding into the native economic system.”
By way of tax funds from rich people, £69.9 billion was by means of PAYE Earnings Tax, whereas £32.9 billion was paid by means of Self Evaluation Earnings Tax, each of which mark a 4-year enhance of greater than 61%.
An additional £9.5 billion got here in by means of Capital Good points Tax, £3.8 billion by means of Inheritance Tax, and £2.9 billion by means of Stamp Obligation.
Rich people accounted for 88% of all Self Evaluation Earnings Tax receipts collected by HMRC in 2023-24, exhibiting simply how a lot they contribute to the self-employed and business-owning demographic of the UK.
