Who are the top 1% of income tax payers?

The top 1% of income tax payers account for 27% of all the UK’s income tax collected, but who are they?

A recent report looking at who pays the most income tax reveals some interesting findings.

The Institute for Fiscal Studies (IFS) published a briefing note in early August with a detailed answer to the question of what it takes to enter the 1% club. Around 310,000 people make up this cohort, with some predictable and not so predictable traits:

Chart showing composition of the top 1% income of income tax payers 2014/15

However, being a member of the 1% taxpayers club also means accounting for 27% of all income tax collected by HMRC. So failing to qualify may reflect some careful and expert financial planning…

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