Tax paid by Brits on at least £150k skyrockets as ‘fiscal drag’ makes HMRC increasingly lean on high income taxpayers
- On April 21, 2022
- By GrowthInvest Marketing
The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with City A.M.
Over the same period the total tax take from basic rate taxpayers has fallen 5 per cent, from £68.6bn to £64.9bn, as HMRC becomes increasingly reliant on those paying the additional rate of income tax.
In fact, 32 per cent of all income tax HMRC receives is now paid by those earning £150,000 per year or more, compared to just 23 per cent ten years ago, lawyers at accountancy group UHY Hacker Young told this newspaper.
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