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The Story

Why the super-rich are paying less tax

Jan 26, 2024
23:10

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Podcast summary created with Snipd AI

Quick takeaways

  • The Sunday Times tax list reveals a decline in tax payments among high net worth individuals, attributed to struggling businesses and changes in dividend taxation.
  • Alex Gerko, founder of XTX, tops the tax list with a £664.5 million tax bill, highlighting the success of algorithmic trading and significant tax contributions from individuals in the financial industry.

Deep dives

Top Taxpayers: Insights into the Sunday Times Tax List

The Sunday Times tax list ranks the top tax contributors among high net worth individuals, business owners, and celebrities. Compiled by Robert Watts, the list measures personal and business taxation. This year, the list includes 100 people. Most of the list shows a decline in the amount of tax paid compared to the previous year, mainly due to struggling businesses and changes in dividend taxation. Notably, Ed Sheeran and J.K. Rowling stand out by paying more tax than before, with Sheeran's touring revenues contributing significantly. The list prompts discussions about the fairness of tax burdens and the effectiveness of clamping down on tax avoidance.

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