73% of HNW purchasers paying ‘proper’ quantity of tax

Greater than seven out of 10 Excessive Internet Value people (73%) within the UK say they pay the ‘correct quantity’ of tax.

Some 4% even imagine they need to pay extra tax, in response to a nationwide survey by wealth supervisor and Monetary Planner Saltus.

The corporate says the findings query whether or not axing the 45p prime charge of revenue tax – as new Chancellor Kwasi Kwarteng did final week in his ‘mini’ Price range – was wished by HNW purchasers. 

Saltus says its survey, carried out earlier than the mini Price range, makes clear that the overwhelming majority of excessive earners weren’t in search of tax cuts.

The survey discovered:

  • 73% of Excessive Internet Value people assume they pay the correct amount of tax, 4% assume they need to pay extra
  • A couple of in ten (11%) folks price £3m+ assume they need to pay extra tax
  • Findings recommend most rich folks weren’t asking for tax cuts

Saltus requested 1,000 folks within the UK with investable belongings of at the least £250,000: ‘Serious about the quantity of tax you pay within the UK, do you assume you pay an excessive amount of tax, the correct amount or do you assume you must pay extra?’

Three quarters of respondents thought they paid ‘the correct amount’ (73%) and one in 25 (4%) stated they assume they need to pay extra. Nonetheless some 23% stated that they paid an excessive amount of tax, nearly one in 4. 

These with a internet price of between £250,000 and £500,000 had been the almost certainly to assume they had been paying the correct amount of tax – 83% assume they do, the remainder (17%) assume they pay an excessive amount of. 

Amongst these with belongings of £3million or extra, most nonetheless assume they pay the correct amount, however solely 59% imagine this, decrease than these with extra modest belongings. The variety of greater asset people that assume they pay an excessive amount of tax is 30% nevertheless a couple of in 10 (11%) assume they need to pay extra. 

Michael Stimpson, accomplice at Saltus, stated: “Our analysis may be very clear – whereas some (one in 5) excessive earners will welcome this transfer, the overwhelming majority (77%) weren’t asking for tax cuts.”

Saltus began as an funding administration agency in 2004 and launched Saltus Monetary Planning in 2015. The group has greater than 100 workers and manages £2bn for purchasers.

 • The survey was carried out for Saltus between 28 February and 15 March by Censuswide which surveyed 1,000 UK respondents who’ve £250,000+ in investable belongings.