The extent of tax avoidance by Britain\’s super-rich has been revealed with the release of Treasury figures showing that almost a thousand UK taxpayers earning more than £1m a year have a tax rate of less than 30% of their income.
I\’ve been poking around trying to find the release of those figures. Can\’t see it on the Treasury site.
Anyone know where they actually are?
They might be here but I’ve got work to do … Check Annex B.
Correct me if anything is wrong here:
Say they all earn £1m
A thousand million is a billion
Let’s say they pay 50% rate on all of the income, for simplicity.
The ‘missing’ tax is 20%
That works out as £200m. We probably borrow this every 12 hours.
Perhaps we could be expending all of this energy finding spending cuts instead?