Britain’s wealthy are expected to pay 60 per cent of the money raised by the Treasury from income tax, even though they account for only 14 per cent of taxpayers, official figures have shown.
Date released by HM Revenue and Customs has shown the impact of the Coalition’s move to ease the tax burden on the lowest paid.
According to a report in The Sunday Times £ , the number of people liable for the 40 and 50 per cent tax rate has increased from 3.25 million in 2010-2011 to 4.13 million in the current financial year.
Their share of the income tax burden has risen from 54.2 per cent in 2010-11 to 61.3 per cent in 2012-13.
The wealthiest one per cent of taxpayers, nearly 300,000 people who earn more than £150,000 a year, are shouldering 26.5 per cent of the income tax burden.
The figures also show the very richest, the 4,000 people earning more than £2 million a year representing just 0.01 per cent of taxpayers will pay 4.5 per cent of the country’s income tax.
At the other end of the scale, the number of taxpayers is expected to to fall just below 30 million as a result of the 1.4 million who will see their liability disappear because of higher personal allowances introduced by the Coalition.