News about Andy Summers

The total tax paid by the cohort is roughly equivalent to two-thirds of the extra spending Labour committed to in its manifesto, it emerged today - 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. This graphic shows some of the UK's largest overall taxpayers including all forms of tax, not just income tax.

According to a survey by researchers who had unprecedented access to anonymized tax data, capital gains were 'absurdly concentrated' in a handful of postcodes and the most wealthy taxpayers. It was discovered that only about three percent of adults had paid capital gains tax over ten years, with the majority of adults residing in the southeast of England. More than half (52.2 percent) of the capital gains tax paid in 2020 came from 5,000 people who earned an average of £6.8 million per person in gains. The survey also found that three out of every seven pounds of gains in the United Kingdom went to people earning more than £150,000.