Sunday , June 20 2021

Britain's highest taxpayers unveiled the first Sunday Times list

Steven Rubin, Dennis Coates, and Sir James DysonCopyright on the image
Getty Images

Image caption

Steven Rubin, Dennis Coates, and Sir James Dyson

Steven Rubin – who owns a majority stake in JD Sports – and his family are named best taxpayers in the UK, according to the Sunday Times.

The newspaper is known for its rich list of the richest people in the UK, but now for the first time produced a list of tax contributions.

He calculates the tax payable on business profits, share sales, dividends, house purchases and personal income.

Dennis Coates, Bet365 boss and Sir James Dyson are also the top three.

As the largest taxpayer, Mr. Rubin and his family will pay about £ 181.6 million. Tax for the 2017/18 financial year – which is about 480,000 pounds a day.

This includes £ 121.6 million of its share in JD Sports, as well as 53.2 million pounds of corporate tax payable by the parent company Pentland Group and 6.9 million pounds on the dividends that were due.

The Pentland Group employs over 41,000 people and has sports and fashion brands including Speedo, Ellesse and Berghaus.

Who are the largest taxpayers in the UK?

  1. Stephen Rubin and his family, £ 181.6m. Majority participation in JD Sports and owner of the Pentland Group.
  2. Dennis, John and Peter Coates, 156 million pounds. Bet365 betting company owners.
  3. Sir James Dyson and the family, £ 127.8m. Company for vacuum cleaners and household appliances.
  4. Bruno Schroeder and the family, £ 114.3m. Investment Management Company.
  5. Sir Jim Ratcliff, £ 110.5m. Owner of chemical company Ineos
  6. The Weston Family, £ 76m. Owners of retailers, including Selfridges, Primark, Ryvita, Silver Spoon, Ovaltine and Twinings.
  7. Sir Chris Hons, £ 64.8m. TCI hedge fund manager.
  8. Sir Peter Wood, £ 53.7m. Founder of an esure insurance company.
  9. James Benhamore, £ 52.2 million. Owner of credits from Amigo Loans and Richmond Group.
  10. Baroness Howard de Walden and the family, £ 44.1 million. Property Investors.

Dennis Coats, the billionaire businessman and a driving force behind online betting company Bet365, was ranked second with the largest taxpayer, along with his brother John (general CEO) and his father, Peter (chairman).

They have paid at least 156 million pounds last year, according to the newspaper, mainly as a result of Mrs. Coats' highest salary – which is considered the highest in the UK – which has taken over 99 million pounds.

Meanwhile, Sir James Dyson and his family, whose home appliance company announced last week that they moved their headquarters to Singapore, were third on the list, with tax debts estimated at 127.8 million pounds.

His company paid £ 95 million in the UK in 2017, and the family was required to pay £ 32.8 million of tax on dividends.

Also in the list are the owner of Home Bargains, Tom Morris and his family (£ 39.2m); Sports Direct owner Mike Ashley (£ 30.4m); Warburton family baker (£ 14.5m); and David and Victoria Beckham in 49th place (£ 12.7m).


From Rob Young, BBC Correspondent for Business and Economy

The rich are often accused of not paying enough taxes.

This ranking celebrates those who contribute most to the treasury, not to those who have earned the most within one year.

This list describes some of the great British tax contributions made by the leaders of some of our most famous companies.

Individuals' tax issues are private in the United Kingdom. The Sunday Times tax sheet is based on publicly available documents, so it's not a complete picture.

The newspaper claims that the assessment of its tax accounts is likely to be conservative.

Remember, income is taxed, not wealth. Maybe that's why only 28 of the 145 billionaires in the rich list of the same newspaper appear in a, of course, much shorter, tax list.

Panamanian documents and Paradise Papers – the leak of confidential documents revealing how rich use tax havens – have led to increased interest in tax issues.

According to the Sunday Times, the 50 subscriptions paid nearly £ 2bn in the UK last year. The newspaper says that when calculating the tax liability, he did not include in his calculations a tax paid abroad.

She added that only 28 of the 145 billionaires and 18 of the 855 millionaires of last year's rich Sunday Times are included in the tax list.

Tax rates

Income tax: Payed 19% on all profits of the company. The amount attributed to Sunday Times individuals is proportional to their share of business

Dividend tax: Paid to 38.1% for taxpayers at a supplementary rate (those earning more than £ 150,000 per year) of the total amount of dividends received

Capital gains tax: Payed 10% of sales to enterprises or parts of enterprises for those eligible for aid to entrepreneurs

Income tax: Paid at 45% of the profit over £ 150,000.

Source link