UK’s top 100 earners paid £39 million each in income and capital gains

This is according to a new Freedom of Information Request made by Wealth Club to HMRC in September 2024. 

Alex Davies, founder of Wealth Club, said: “The budget is just over a week away and the chancellor has stated repeatedly that those with the broadest shoulders should carry the biggest tax burden, but these numbers demonstrate just how reliant the tax system already is on a very small number of individuals. 

“If just the top 100 taxpayers decided to move overseas that would rise to £3.9bn less revenue for HMRC, and if the top 1,000 taxpayers migrated out of the UK, that figure would rise to £10.4 billion less in receipts.

“That’s not just this current tax year, but also each subsequent year, leaving huge holes in the country’s finances and draining the economy of the entrepreneurs and investors who start and support young businesses.”