Institute for Fiscal Studies report finds highest-paid earners benefit from lower tax rates open to business owners
The top 0.1% of earners in the UK have annual incomes in excess of £500,000, according to a study by a leading thinktank that shows the effect of “unfair” tax rates available to business owners.
More than 50,000 people in the top income bracket account for 6% of all earnings – 60 times greater than their population share, said the Institute for Fiscal Studies in a report covering the 10 years to 2019. It showed that more than half of the top 1% richest adults lived in London and the south-east, while almost 60% were aged between 45-64, and as few as a fifth were women.
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