East Staffs Gull
Well-known member
But HWT's right, at the moment we risk discouraging HNWI from staying in the UK as they'll see a better tax regime and have the ability to move around to find it.
If everyone paid 15% on all income I'd expect the take would be greater as you'd retain far more people with income of say £10-£50m a year paying 15% on it? The taxation system would be simpler because you couldn't or wouldn't manipulate so much?
Based on 2019/20 estimates, total UK Income Tax revenue as a percentage of total gross incomes is 16.6%. Applying a single 16.6% tax rate to all earners would result in almost 27m people paying more tax and 4.5m people paying less tax.