Tax contributions paid by the UK\u2019s wealthy individuals increased by 40% in the past four years alone, Ashtons analysis shows.<\/p>\n
In the 2023-24 tax year, wealthy individuals \u2013 defined by HMRC as those earning more than \u00a3200,000 a year, or with assets over \u00a32 million, in any of the last three years \u2013 paid a grand total of \u00a3190 billion in tax.<\/p>\n
Not only does this mark an annual increase of 3.7%, but also a staggering increase of 39.8% over the past four years.<\/p>\n
In April 2025 the UK\u2019s non-dom tax rules were overhauled to ensure people pay UK tax on overseas earnings when living in the UK \u2013 affecting millionaires further.<\/p>\n
By June it\u2019s estimated that\u00a010% 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.<\/p>\n
Alena Lesina, citizenship, residence permit, and real estate investment expert for\u00a0Astons, said: \u201cThe huge increase in tax being taken from the UK\u2019s wealthy population over the past few years goes a long way towards explaining why so many are choosing to leave.<\/p>\n<\/p>\n
\u201cThere 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.<\/p>\n
\u201cAs a result, these nations often offer far more attractive tax regimes than the UK, with some actively encouraging relocation through Residency by Investment programmes \u2013 also known as Golden Visas \u2013 which grant full residency rights in exchange for financial investment into the local economy.\u201d<\/p>\n
In terms of tax payments from wealthy individuals, \u00a369.9 billion was through PAYE Income Tax, while \u00a332.9 billion was paid through Self Assessment Income Tax, both of which mark a 4-year increase of more than 61%.<\/p>\n
A further \u00a39.5 billion came in through Capital Gains Tax, \u00a33.8 billion through Inheritance Tax, and \u00a32.9 billion through Stamp Duty.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tax contributions paid by the UK\u2019s wealthy individuals increased by 40% in the past four years alone, Ashtons analysis shows. In the 2023-24 tax year, wealthy individuals \u2013 defined by HMRC as those earning more than \u00a3200,000 a year, or with assets over \u00a32 million, in any of the last three years \u2013 paid a […]<\/p>\n","protected":false},"author":1,"featured_media":1995,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-1994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n