More than seven out of 10 High Net Worth individuals (73%) in the UK say they pay the ‘right amount’ of tax.
Some 4% even believe they should pay more tax, according to a national survey by wealth manager and Financial Planner Saltus.
The company says the findings question whether axing the 45p top rate of income tax – as new Chancellor Kwasi Kwarteng did last week in his ‘mini’ Budget – was wanted by HNW clients.
Saltus says its survey, carried out before the mini Budget, makes clear that the vast majority of high earners were not seeking tax cuts.
The survey found:
- 73% of High Net Worth individuals think they pay the right amount of tax, 4% think they should pay more
- More than one in ten (11%) people worth £3m+ think they should pay more tax
- Findings suggest most wealthy people were not asking for tax cuts
Saltus asked 1,000 people in the UK with investable assets of at least £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?’
Three quarters of respondents thought they paid ‘the right amount’ (73%) and one in 25 (4%) said they think they should pay more. However some 23% said that they paid too much tax, almost one in four.
Those with a net worth of between £250,000 and £500,000 were the most likely to think they were paying the right amount of tax – 83% think they do, the rest (17%) think they pay too much.
Among those with assets of £3million or more, most still think they pay the right amount, but only 59% believe this, lower than those with more modest assets. The number of higher asset individuals that think they pay too much tax is 30% however more than one in 10 (11%) think they should pay more.
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.”
Saltus started as an investment management firm in 2004 and launched Saltus Financial Planning in 2015. The group has more than 100 staff and manages £2bn for clients.
• The survey was carried out for Saltus between 28 February and 15 March by Censuswide which surveyed 1,000 UK respondents who have £250,000+ in investable assets.
