Highest earners pay 30% of all income tax

 Highest earners pay 30% of income tax

HMRC data shows Britain’s highest earners paid 9% more in income tax last year than the year before, handing over £54.3bn. By contrast, people earning less than £150,000 saw their contribution grow by only 1% to £123.3bn. The figure for Britons earning more than £150,000 a year constituted 30% of the overall income tax take of £178bn for the year to the end of March. It follows a cut to the maximum tax-free amount that some high earners can pay into a retirement pot, from £40,000 a year to just £10,000. A Treasury spokesman said: “We"ve taken more than a million people out of paying income tax altogether since 2015, and 31m people pay less tax thanks to our increases in the tax-free personal allowance.”

Source:   Financial Times (02/06/2018)