The top 1 per cent of taxpayers are responsible for 33 per cent of the total income tax and capital gains tax (CGT) paid in the UK, a freedom of information (FOI) request from Wealth Club has revealed.

Its FOI request to HMRC showed that 500,000 individuals paid £93.8bn in income tax and CGT in the 2023/24 tax year, representing 33 per cent of the total £288.5bn raised.

This was an increase of nearly £4bn from the 2022/23 tax year, when the top 500,000 taxpayers paid £89.9bn in combined income tax and CGT.

The top 100,000 taxpayers contributed a total of £54.9bn in income tax and CGT, equivalent to 19 per cent raised in 2023/24, an increase of around £1.2bn year-on-year.

At the wealthiest end of the spectrum, the top 100 taxpayers in the UK contributed £4.1bn in income tax and CGT in 2023/24.

Wealth Club said the data highlighted the extent to which the government relies on a small group of individuals to fund the total tax bill.

The non-advisory investment service added that the findings also brought the potential impact on government revenue if these people left the UK into focus, which could be triggered if further taxes on the wealthy were introduced.

“A very small group of individuals is responsible for a disproportionately large share of the nation's tax revenue,” said Wealth Club founder and chief executive, Alex Davies.

"If just a handful of these wealth creators were to leave, the fiscal impact would be both immediate and severe. The government needs to think very carefully before slapping another round of taxes on wealthier individuals in the forthcoming Budget.

“For instance, if the top 100 taxpayers decided to up sticks and leave the country – which could easily happen - that would be an immediate loss of £4.1bn in tax revenues.

“Rather than penalising success, we should be creating a stable and attractive environment where entrepreneurs and wealth generators choose to remain, invest, and contribute to the nation's long-term success."

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