Revealed: Sixty of UK’s wealthiest people pay more than 3bn in income tax – amid warning exodus of superrich will create ‘big hole’ in public finances [Video]

04:53 EDT 09 Oct 2024, updated 05:05 EDT 09 Oct 2024

Sixty of the UK’s richest people collectively paid more than £3billion a year in income tax, it emerged today – providing fresh evidence of the country’s reliance on its wealthiest citizens amid a feared exodus of millionaires. 

The total tax paid by the cohort is roughly equivalent to two-thirds of the extra spending Labour has committed to in its manifesto – just as the party prepares to clobber Britain’s wealth creators with tax rises. 

There are fears increased day-to-day taxation, frozen inheritance tax thresholds, a potential increase in capital gains taxes and the abolition of the non-dom regime will hurt the nation’s finances by prompting its biggest taxpayers to flee. 

Each of the 60 individuals who paid the most income tax had an income of at least £50million in 2021/22, the BBC found through a freedom of information request to HMRC. They are likely to have paid a …