"His Majesty's Revenue and Customs will take approximately 45% of Christian Horner's reported £80million settlement for leaving his role at Red Bull according to analysts at OLBG. The 51-year-old, who was valued a reported £40,000,000 prior to this windfall, will more than double his net worth once taxes have been paid to the state. Fortunately for Horner, he should not have to pay National Insurance as termination payments are not generally considered as earnings."
"However, Horner would still fall some way short of matching the wealth of his great rival, Mercedes team boss and billionaire Toto Wolff who is reportedly worth a staggering £1,270,000,000 after becoming a billionaire in 2023, according to Forbes. Should Horner want to think about the good his taxes could do, the amount to be claimed by HMRC would be enough to pay for the training of 537 new nurses to reinforce the National Health Service."
HMRC will take approximately 45% of Christian Horner's reported £80 million settlement, equating to £35,986,500 assuming no tax mitigation. The settlement would leave Horner with £44,013,500 after tax, more than doubling his prior reported net worth of £40,000,000 to almost £85,000,000. Termination payments are not generally treated as earnings for National Insurance, so National Insurance should not apply. The vast majority of the settlement falls into the Additional Rate 45% tax bracket and will quickly exceed personal allowance limits. The taxed amount could fund the training of about 537 new nurses for the NHS, while Horner would still trail rival Toto Wolff's reported £1.27 billion wealth.
Read at London Business News | Londonlovesbusiness.com
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