16th November 2022
Taxing Times – most wealthy Brits believe taxation is at the right level
- 59% of UK’s HNW believe that taxation levels are the right amount
- 27% believe taxation levels are too high
- 15% feel they are paying too little
At the Budget on 17th November, Jeremy Hunt is likely to announce tax increases that will impact many, including the wealthiest in society. Despite this the wealthy are relatively sanguine about their tax levels.
59% of more than 200 High Net Worth (HNW; those with over £500,000 investable assets) individuals surveyed by Charles Stanley in October 2022, believe that they are paying the right amount of tax. 27% feel that they are paying too much and 15% feel that they should pay more.
Investors with assets above £1 million are more likely to say that the taxation level is too much (34%) compared to investors with fewer than £1 million in assets (21%). However, 14% of those with over £1 million investible assets felt that they should pay more.
When it comes to tax, the research also found that Britain’s wealthiest are managing their tax affairs by investing in tax efficient products such as Venture Capital Trusts (VCTs) (15%) and Alternative Investment Market (AIM) listed portfolios (13%).