Tax bills for both low and high earners in the UK are among the highest for a major economy, research published today claims.
UHY Hacker Young studied 19 countries and found that the UK had the seventh-highest tax burden for those earning $25,000 (£15,400) and those on $200,000. Mark Giddens, a partner at UHY Hacker Young, said: "The Government is now facing a difficult dilemma. Achieving a more sustainable fiscal position will be difficult without raising taxes, but higher taxes are likely to hinder economic growth."
He said the 50 per cent tax rate for those earning over £150,000 a year, combined with increases in National Insurance, has "undoubtedly made the UK less attractive to high earners".
Only Mexico, Estonia, Italy, France, India and Germany take more taxes than the UK from a worker who is earning $25,000 a year.Reuse content