{"id":19636,"date":"2019-09-19T09:00:23","date_gmt":"2019-09-19T09:00:23","guid":{"rendered":"https:\/\/smh.group\/?p=19636"},"modified":"2023-02-15T13:50:09","modified_gmt":"2023-02-15T13:50:09","slug":"what-does-it-take-to-be-a-top-1-income-tax-payer","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/what-does-it-take-to-be-a-top-1-income-tax-payer\/","title":{"rendered":"What does it take to be a top 1% income tax payer?"},"content":{"rendered":"\n<p><strong>A\nrecent report looking at who pays the most income tax reveals some interesting\nfindings. <\/strong><strong><\/strong><\/p>\n\n\n\n<p>The\nInstitute for Fiscal Studies (IFS) published a briefing note in early August\nwith a detailed answer to the question of what it takes to enter the 1% club. Around\n310,000 people make up this cohort, with some\npredictable and not so predictable traits:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>They have<em> taxable<\/em> income of at least\n\u00a3160,000 in 2014\/15. The historic nature of the data reflects both HMRC\u2019s\nsystems and the fact that the 2015\/16 numbers were distorted by the\nintroduction of new dividend tax rules in the following year.<\/li><li>Typically, they are male aged 45\u201354 based in\nLondon, with an additional \u00a3550,000 of income. To quote the IFS, the 1% club is\n\u201cdisproportionately male, middle-aged and London-based\u201d.<\/li><li>They live in 10% of the 650 parliamentary\nconstituencies, which contain half of the top 1% population. In 2000\/01, 78\nconstituencies were needed to reach the halfway mark.<\/li><li>They have over a quarter of their income made\nup from partnership and dividends, as the pie chart shows. This reflects the\nfact that many are business owners. <\/li><li>They manage fluctuating income levels. The\ntop 1% is not a stable group, which may be some solace if you do not currently\nhave the necessary membership credentials. The IFS found that roughly a quarter\ndrop out each year and only half remain for five consecutive years. The\ncorollary is that there is a much higher chance of being in the top 1% at some\npoint in your life than in any given year. The IFS calculated that 3.4% of all\npeople (and 5.5% of men) born in 1963 were in the top 1% at some time between\n2000\/01 and 2015\/16. <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"589\" height=\"508\" src=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2019\/09\/Tax-payers.png\" alt=\"\" class=\"wp-image-19619\" srcset=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2019\/09\/Tax-payers.png 589w, https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2019\/09\/Tax-payers-300x259.png 300w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>To discuss your individual financial planning strategies with one of our <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\">Financial Advisers<\/a><\/span><\/strong> please drop us a line on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report looking at who pays the most income tax reveals some interesting findings. <\/p>\n","protected":false},"author":4,"featured_media":19619,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,16],"tags":[77,11,21],"class_list":["post-19636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chartered-tax-advisers","category-financial-services","tag-financial-planning","tag-hmrc","tag-income-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What does it take to be a top 1% income tax payer? 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