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Time for the wealthiest to pay a fairer share, says think tank as it urges urgent tax overhaul

Reacting to today’s (Friday) publication of the Sunday Times annual tax list, George Dibb, head of the IPPR think tank’s Centre for Economic Justice, said:

“The publication of the Sunday Times Tax List is an insight into the UK’s broken tax system. Only one name from the top 10 of last year’s Rich List appear among those thought to be the top 10 taxpayers.

“Our tax system, which supports the NHS and welfare safety net, should ensure that those with the broadest shoulders bear the biggest burden. But today it’s just too easy for some of the richest people in the country to pay little to no tax at all.

“It has never been more important for the government to have the resources it needs to keep all of us healthy and safe, and to invest in the economic recovery from Covid-19.

“Whilst many households will be facing a cost of living crisis this winter, the wealthiest in our society got richer during the pandemic. To make our system fairer and more effective, government should tax income from wealth the same as income from work, and scrap the so called ‘non-dom’ status through which the wealthy avoid tax by spending time abroad.”

IPPR has previously argued for:

Income from wealth to be taxed at the same rate as income from work by increasing the rate of Capital Gains Tax to the same as Income Tax, and removing certain allowances (Just Tax) https://www.ippr.org/research/publications/just-tax
Ending non-domiciled status tax exemption (A Wealth of Difference)
https://www.ippr.org/research/publications/a-wealth-of-difference
Scrapping of council tax and stamp duty to be replaced by a fair and uniform Proportional Property Tax (Pulling Down the Ladder)
https://www.ippr.org/research/publications/pulling-down-the-ladder

ENDS

CONTACT

David Wastell, Head of News and Communications: 07921 403651 d.wastell@ippr.org

Robin Harvey, Digital and Media Officer: 07779 204798 r.harvey@ippr.org

NOTES TO EDITORS

Only one name, the Weston family, appears both among the top 10 in both last year’s Sunday Times Rich List and today’s new Tax List. (Sir James Dyson and family, number 4 on the Rich List, are at number 11 on the Tax List)
Today’s Sunday Times Tax List records the UK’s top 10 taxpayers in year ending April 2021 as:

1. Denise, John and Peter Coates, gambling, £481.7 million
2. Chris Rokos, hedge fund, £300.0 million
3. Stephen Rubin (and family), sportswear, £256.1 million
4. The Weston family, retailing, £175.4 million
5. Fred and Peter Done, gambling, £169.8 million
6. Lord Sugar, property, £163.4 million
7. Peter Harris (and family), hotels and caravan parks, £141.4 million
8. Sir Chris Hohn, hedge fund, £126.1 million
9. Leonie Schroder and family, finance, £121.2 million
10. Alex Gerko, finance, £117.4 million
The most recent Sunday Times Rich List, published in May 2021, identified the UK’s wealthiest as:
1. Sir Leonard Blavatnik, £23bn
2. David and Simon Reuben, £21.465bn
3. Sri and Gopi Hinduja and family, £17bn
4. Sir James Dyson and family, £16.3bn
5. Lakshmi Mittal and family, £14.68bn
6. Alisher Usmanov, £13.406bn
7. Kirsten and Jorn Rausing, £13bn
8. Roman Abramovich, £12.101bn
9. Charlene de Carvalho-Heineken and Michel de Carvalho, £12.013bn
10. The Weston family, £11bn

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