The number of people in the UK earning more than £1m a year has jumped to over 18,700, with more than one in 10 of them living in Kensington and Chelsea, according to figures released by HM Revenue & Customs. The total increased by 3,700 in the latest available tax year.
More than a third of all the £1m earners live in London, with more than 2,000 in Kensington and Chelsea, and 1,400 in the City of Westminster in the 2015-16 tax year. Analyses suggests that many of the £1m-plus earners are wealthy foreign executives, investors or non-doms who are domiciled overseas for tax purposes.
Non-dom status has been repeatedly criticised, for allowing some of the world’s wealthiest individuals to live in Britain for years without paying UK tax on foreign income. Some non-doms have passed the status down between generations, dramatically cutting their tax bills.
https://www.theguardian.com/business/2018/sep/10/nearly-19000-uk-earners-now-on-more-than-1m-a-year
More than a third of all the £1m earners live in London, with more than 2,000 in Kensington and Chelsea, and 1,400 in the City of Westminster in the 2015-16 tax year. Analyses suggests that many of the £1m-plus earners are wealthy foreign executives, investors or non-doms who are domiciled overseas for tax purposes.
Non-dom status has been repeatedly criticised, for allowing some of the world’s wealthiest individuals to live in Britain for years without paying UK tax on foreign income. Some non-doms have passed the status down between generations, dramatically cutting their tax bills.
https://www.theguardian.com/business/2018/sep/10/nearly-19000-uk-earners-now-on-more-than-1m-a-year
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