Today Rishi Sunak’s tax return has been made publicly available, showing he has an effective tax rate of just 22.8%, despite bringing in more than £2.2 million in earnings.
This is the same effective tax rate as a PAYE employee who earns circa £42k. For comparison, the average teacher earns £41,600 per year, with an effective tax rate of 22.8%
Robert Palmer, Executive Director at Tax Justice UK said:
People will be shocked to learn the Prime Minister has such a low tax rate despite bringing in millions. But this is a feature of our broken tax system. At the moment someone who earns most of their money from their wealth – like the Prime Minister – pays a much lower tax rate than someone who relies on going out to work for their living. We need to fix this to make sure that income from wealth is taxed at the same rate as income from work
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Notes
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The Prime Minister’s tax summary for 2022/23 is published here: https://www.gov.uk/government/
publications/prime-minister- rishi-sunaks-schedule-of- taxable-sources-of-income-and- gains-202223 -
Our calculations on the effective tax rate are available here: https://docs.google.com/
spreadsheets/d/ 1xnu6UUU7LkEPeL8QE- nK8YgTqhYQ2olfNcTu_X7lajs/ edit#gid=0 -
Tax Justice UK is a campaigning and advocacy organisation. Our mission is to ensure that everyone in the UK benefits from a fair and effective tax system. We are not-for-profit and politically non-aligned. Tax Justice UK is a partner of – but independent from – the Tax Justice Network.