The vast majority of High Net Worth Individuals in the UK think they are paying the right amount of tax, according to findings from the latest Saltus Wealth Index. Before the Chancellor's statement – which announced the 45p top rate of tax will be scrapped - the Saltus Wealth Index asked 1,000 people in the UK with investable assets of £250,000+ ‘thinking about the amount of tax you pay in the UK, do you think you pay too much tax, the right amount or do you think you should pay more?
Almost three quarters of respondents said they think they pay ‘the right amount’ (73%) and one in 25 (4%) said they think they should pay more; just 23% think they pay too much. Those with a net worth of between £250,000 and £500,000 were the most likely to think they pay the right amount – 83% think they do, the rest (17%) think they pay too much.
At the other end of the wealth spectrum, the opinion is much more divided.
Amongst those with assets of £3million or more, most still think they pay the right amount, but it drops to 59%, while the number that think they pay too much rises to 30%. However, more than one in ten (11%) think they should pay more.
Speaking about the findings, Michael Stimpson, Partner at Saltus, said: “Our research is very clear – while some (one in five) high earners will welcome this move, the vast majority (77%) were not asking for tax cuts.”
