Top one percent income UK

online trading platforms UK into the financial attitudes and behaviours of those in the top 1% of earners has shown that this group is a highly educated, well-informed, financially aware cohort. They know that breaking into this elite group takes more than just a hefty salary – they need to make good career choices and excel in their chosen professions and jobs, whilst investing smartly for the long term. They also supplement their salaries with partnership and dividend income, which are taxed more favourably – reflecting a policy choice made by successive Governments to tax business owners less than they would otherwise.

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They also pay a large trading platforms UK of the income taxes in the country. However, as Theresa May suggested in her Budget speech, income tax is just a fraction of the Government’s overall revenues. In fact, over three-quarters of the Government’s income comes from other sources, such as Council Tax, VAT, National Insurance Contributions and Corporation Tax. We found that this wider picture is often overlooked when gauging the wealth of those in the top 1% – despite earning more than twice the average salary, many do not feel rich.

This can partly be explained by a misperception that they are paying their way through society – a view fuelled by the Government’s rhetoric on ‘living wage’ and its relentless focus on inequality reduction (see Burkhauser et al, 2018). We must change this perception if the UK is to have any chance of tackling rising inequality.