Tracksuit tycoon Mike Ashley and pub boss Tim Martin have been revealed among Britain's biggest taxpayers, along with Ed Sheeran and Harry Potter author JK Rowling. The top 100 also includes gambling industry billionaires and rock band Queen’s remaining band members, and aristocrats to rags-to-riches entrepreneurs. They come from the worlds of music and arts, to high finance and the high street.
And with money tight for Chancellor Rachel Reeves given the black hole in the public finances left by the Tories, the taxes paid by the super-rich are more important than ever. However, the bad news for her is that the 100 wealthy individuals or families revealed in this year’s Sunday Times Tax List coughed-up 7% less last year, though they were still liable for just under £5billion in total. The drop is blamed on some companies owned by the super-rich doing less well while the economy was sluggish.
Yet while the money from those making it on the list certainly swelled the Treasury’s coffers, in many cases the tax came not from the individuals themselves and their generosity. It takes in taxes paid by their companies, including the likes of corporation tax and employers’ national insurance in proportion to how much of the business they control.
The research is based on publicly available information rather than people’s tax returns. Topping this year’s list is secretive hedge fund billionaire Sir Chris Hohn, at almost £340million, and up on £263million from 2023, when he was in fourth place.
