#uk-taxation

#uk-taxation

The top 1% of taxpayers are responsible for around a third of the total paid in Income Tax and Capital Gains Tax (CGT), new data from Wealth Club, the UK's largest non-advisory investment service for tax-efficient and private market investments, shows. Its Freedom of Information request to HMRC found 500,000 individuals paid £93.828 billion in income tax and CGT in the 2023/24 tax year equivalent to 33% of the total £288.5 billion raised.

The top 1% of UK taxpayers contributed a third of all income tax and capital gains tax (CGT) collected in the last financial year, according to new HMRC data that highlights the growing reliance on a small pool of high earners to support the public finances. A Freedom of Information (FOI) request by investment service Wealth Club found that the top 500,000 taxpayers paid £93.8 billion in 2023/24, accounting for 33% of total income and CGT receipts.

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