UK’s top tax payers list includes Coates and Done families
The Sunday Times 2021 Tax List has been released and features the two gambling dynasties, the Coates and Done families. Both of the families have ended up in the top three section. This list keeps track of the mega-rich’s crucial contributions in such a critical point in time for the UK Treasury.
The founding family of bet365, which includes John, Denise and Peter Coates, has topped the Sunday Times’ list for the second successive year. The family has allegedly payed over £573 million throughout the 2019/2020 tax year.
The family has an estimated combined wealth of approximately £7.2 billion. This income is mainly brought in through the bet365 business, and the alleged tax liability of the whole family is equal to paying about 63,000 state pensions every year.
The family is also well-known for keeping to themselves and staying out of the public eye whenever they are able to. They are also known as being one of the UK’s biggest donors, seeing as they have donated more than £10 million to the NHS Midlands Trust back in the beginning of the COVID-19 pandemic.
Notorious for being the tax list’s highest climbers, Fred and Peter Done joined the Coates family at the high rank of the Sunday Times taxpayer list. The brothers skipped from 22nd place to third place since the tax from their businesses jumped from £45 million to £191 million during the 2019/2020 tax year.
The Sunday Times claimed that it had adjusted procedures after it began to include gambling duties paid by businesses in 2019/2020. Both the Coates and Done families were among a mere 17 business owners who paid more taxes during 2019/2020. The newspaper stated that this phenomenon mirrored the downfall of the economy in the UK as well as the uncertainty surrounding business conditions in the country, even before the pandemic ever started.
The Sunday Times underlined its uneasiness in its research by saying:
Last year you needed to have paid £20.4 million of tax to make it onto the list, while this year that entry-level has plummeted to £13.1 million, down nearly 36 per cent.
These worrying numbers show the tax take from many of Britain’s super-rich has fallen sharply – largely because their businesses have seen a downturn. These numbers illustrate that when some wealthy people prosper our public finances do feel a benefit. After the pandemic has passed the Chancellor will need to maximise income from these individuals without driving them or their businesses away from the UK.
Noted the lead compiler of The Sunday Times tax list, Robert Watts.