Press Release: Amount UK’s richest pay in tax is misleading and ignores fair taxation issue
More than half of Brits support UK Government keeping pledge to tax the super rich and abolish non-dom status
Patriotic Millionaires UK has slammed media reports from an undisclosed source - “Amount UK's richest pay in income tax revealed”- that overstate concerns on high tax rates on the richest by focusing on sixty of the wealthiest people in the UK having paid an income tax contribution of £3 billion. Patriotic Millionaires UK analysis of the listed sixty richest people in the UK shows that £3 billion is equivalent to just 0.6 per cent of their collective wealth.
The story centres on an undefined group of 60 people, lacks transparency on the effective tax rate paid, has no real detail on how much the individuals make, nor the true extent of their wealth. Nor does reporting account for the relative tax contribution that the richest people make in relation to ordinary working people.
While the current debate on tax has focused on the concerns of the super rich, the economic health and wealth of the country has been neglected. In 2023, the wealth of the richest 200 families in the UK had grown to a staggering £711 billion, while the value of the country’s public wealth plummeted to minus £1 trillion.
Tim Stumpff, Impact Investor and member of Patriotic Millionaires UK, said: “£3 billion doesn't tell us anything about how much money the richest people have, so gives us no sense of the effective tax rates the richest people are paying. When we looked at the sixty listed richest people in the UK, £3 billion represents just 0.6 per cent of their wealth and a mere 7 per cent of their wealth increase in the last year alone. While ordinary people are struggling to put food on the table we cannot continue to minimise taxes on the super rich.”
A recent Deltapoll survey commissioned by Patriotic Millionaires UK reveals that only 1 in 5 of Britons believe the government should abandon its promise to abolish the non-dom tax status if it turns out to raise less tax revenue than originally forecast, while over half want the Government to deliver on their pledge.
The non-dom status allows wealthy individuals to avoid paying tax on their foreign income, creating a two-tiered system where the rich benefit while everyday taxpayers shoulder the cost. Despite concerns that the Office for Budget Responsibility (OBR) may lower its forecasts for the revenue gains from abolishing the non-dom scheme, the majority of Britons still back its abolition.
The findings send a clear and resounding message to the Treasury: the public overwhelmingly supports fairer taxation, particularly in light of the Labour Party’s strong mandate from this year's general election, under a manifesto that included a pledge to abolish the non-dom tax status.
Stumpff continued: "Even on a complex issue like non-dom tax policy, 51 per cent of the UK public believe we should abolish it. Only 20 per cent think we should leave it unchanged, while three-in-ten feel they need more information. The Treasury must listen to the public's desire for a fairer tax system, not to the small group of wealthy individuals lobbying to protect their fortunes. Such lobbyists don’t represent the views of millionaires like me, nor do they represent the majority of voters."
Patriotic Millionaires UK urges the public, policymakers, and media to challenge narratives that shield the super-rich from appropriate taxation and instead focus on reforms that promote fairness and economic sustainability.
—
For more information and interviews with Patriotic Millionaires UK spokespeople, please contact Rebecca Gowland, rgowland@patrioticmillionaires.org
Notes
Access the survey tables here. 2,134 UK adults aged 18 and over were surveyed by Deltapoll between 4-7 October 2024.
The richest 60 people on the The Sunday Times Rich List 2024 have a wealth of £499,551,000,000, their wealth has increased by £42,457,000,000 since the 2023 list (when falls in wealth are removed). £3 billion divided by their total wealth is 0.6% and £3 billion divided by the increase in wealth is 7.07%.
