Tax contributions paid by the UK’s wealthy individuals increased by 40% in the past four years alone, Ashtons analysis shows.
In the 2023-24 tax year, wealthy individuals – defined by HMRC as those earning more than £200,000 a year, or with assets over £2 million, in any of the last three years – paid a grand total of £190 billion in tax.
Not only does this mark an annual increase of 3.7%, but also a staggering increase of 39.8% over the past four years.
In April 2025 the UK’s non-dom tax rules were overhauled to ensure people pay UK tax on overseas earnings when living in the UK – affecting millionaires further.
By June it’s estimated that 10% of UK non-doms have already left the country, with many more already planning for their exit. And this is despite the four-year leeway provided to new UK tax residents.
Alena Lesina, citizenship, residence permit, and real estate investment expert for Astons, said: “The huge increase in tax being taken from the UK’s wealthy population over the past few years goes a long way towards explaining why so many are choosing to leave.
“There are countries around the world that take a far more supportive and encouraging stance towards wealth creation, recognising the value that high-net-worth individuals bring through job creation, business investment, and wider economic contribution.
“As a result, these nations often offer far more attractive tax regimes than the UK, with some actively encouraging relocation through Residency by Investment programmes – also known as Golden Visas – which grant full residency rights in exchange for financial investment into the local economy.”
In terms of tax payments from wealthy individuals, £69.9 billion was through PAYE Income Tax, while £32.9 billion was paid through Self Assessment Income Tax, both of which mark a 4-year increase of more than 61%.
A further £9.5 billion came in through Capital Gains Tax, £3.8 billion through Inheritance Tax, and £2.9 billion through Stamp Duty.
Wealthy individuals accounted for 88% of all Self Assessment Income Tax receipts collected by HMRC in 2023-24, showing just how much they contribute to the self-employed and business-owning demographic of the UK.