Top earners pay a fifth of all taxes

Posted on 13 Nov 2013
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Top earners pay a fifth of income tax and CGT HMRC figures show that a fifth of all income and capital gains tax is paid by just 100,000 of Britain's top earners. This group, which equates to 0.15% of the population, pays a total of £35.1bn in these taxes, with the 100 richest taxpayers paying an average of £18m each – with this just over 1% of the total income and capital gains tax take. Tommy Stubbington in the Sunday Times suggests the analysis will “fuel anxiety” that a tax-increasing Labour government under Jeremy Corbyn could drive an exodus of Britain’s super-rich. Alex Davies, chief executive of the investment platform Wealth Club, which obtained the data, said: "The well-off are essential to the country's finances," adding: “Any government needs to tread carefully if they think that squeezing these people for even more cash is the solution to our woes.”

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