Recent Treasury figures have highlighted the scale of tax avoidance amongst the UK super rich.
The figures reveal that approximately 1,000 taxpayers earning in excess of £1 million per annum pay less than 30% of their income in tax. Of the 200 taxpayers that earn a yearly £10 million or more, 12 are paying tax at a rate of less than 10%.
This is the first time that the Treasury has published such detailed information and comes off the back of the Chancellor's shock of learning about the level of tax avoidance that this country's most affluent are indulging in.
Whilst the Treasury acknowledges that such avoidance is a product of the tax system it has made the point that millionaires paying a lower rate of tax than ordinary taxpayers cannot be fair and needs to be addressed.
Leave a Reply