It has been suggested that the UK’s tax rates penalize its top earners with one of the highest personal tax burdens in the world, according to new research.
The UK has the ninth highest tax burden in the world on those earning between USD200,000 and USD250,000, and the sixth highest on those earning over USD1.5m. The UK is just one of six countries to take more than 50% of an individual’s income on earnings above that latter rate, taking an average of 50.03% including social security contributions.
The high rate of income tax charged on all incomes over GBP150,000 makes the UK very uncompetitive when compared with economies such as the US or Canada.
