Why are Britain's billionaires often missing from the tax list?
- TBA
- 20 hours ago
- 5 min read
The annual list of the UK’s biggest taxpayers—The Sunday Times Tax List—has just been released. The total tax paid by the top five taxpayers alone is equivalent to funding the annual salaries of 10,000 NHS nurses.
On one hand, the UK still possesses a group of globally influential billionaires spanning core sectors such as industry, finance, property, and consumer goods. On the other hand, the debate surrounding whether the wealthy pay their 'fair share' and whether wealth is being reasonably regulated is heating up in British society and politics. Those who create wealth and those who hold wealth are often not the same group, and the tax burden is highly asymmetrical.
Why is it that while the UK has 156 billionaires, only 100 people paid more than £11 million in tax?
Why are some individuals with a net worth exceeding £10 billion completely absent from the list?
1. The Tax List: Who pays the most?
Unlike a traditional 'Rich List', the Tax List published by The Sunday Times provides a more direct reflection of who is shouldering the primary responsibility for the UK’s public finances.
The latest list, published in January 2026, shows that out of the top 100 taxpayers, 45 saw their tax liabilities rise further compared to the previous year. The compilers noted that the overall tax burden for the top 100 has risen, partly due to the corporation tax rate increasing from 19% to 25% since 2023, as well as hikes in dividend tax rates—changes introduced by the previous Conservative government that have fully materialised this year.
The tax paid by the Done brothers (Fred & Peter Done) and their family rose from £273.4 million last year to £400.1 million, ranking them first on the list.
The story of the Done brothers is highly representative. They dropped out of school at 15 with no qualifications and built the Betfred betting empire from scratch, breaking out of poverty to eventually accumulate billions in family wealth. This background makes them a classic example of 'self-made' capital accumulation in the UK.
Ranking second is financial trading entrepreneur Alex Gerko, with an annual tax bill of £331.4 million; third is hedge fund tycoon and bond trader Chris Rokos, who paid £330 million. The high ranking of these two individuals once again highlights the central role of financial trading in the UK’s high-value tax contributions.
2025 UK Tax List | Image source: The Sunday Times
Interestingly, this year's Tax List also revealed a thought-provoking phenomenon: although some wealthy individuals left the UK in the past year, they still appear on the list of high-value taxpayers.
A total of six taxpayers remained on the list after 'departing', including Revolut founder Nik Storonsky, Malcolm Healey of Wren Kitchens, and sports promoter Eddie Hearn.
This fact, to some extent, dampens the ongoing discussion about wealthy individuals moving overseas in response to higher tax burdens and the end of the non-domicile (‘non-dom’) tax regime. In April 2025, reports suggested that 11,300 millionaires chose to leave London in just 12 months, making London the city with the second-largest loss of ultra-wealthy individuals globally, trailing only Moscow, Russia.
Reasons for this include a series of tax-raising measures under both Conservative and Labour governments, and Chancellor Reeves' insistence on abolishing the non-dom tax system. Under the new rules, all non-domiciled individuals who have resided in the UK for more than four years will be liable for UK tax on their worldwide income and capital gains, ending the 'remittance basis' system where only funds brought into the UK were taxed.
2. The huge mismatch between the Rich List and the Tax List
In sharp contrast to the Tax List is the UK Rich List published by Beinsure Media.
According to an analysis of the Bloomberg Billionaires Index, as of January 2026, the combined net worth of the UK's top 15 billionaires reached $177.4 billion. This group covers finance, consumer goods, property, industry, and entertainment, reflecting the structural characteristics of the UK economy.
At the top of the list is James Dyson, who turned household appliances into a global consumer tech brand, sitting on a fortune of approximately $16.4 billion. Following closely is Jim Ratcliffe, founder of the chemicals and energy giant Ineos, with a net worth of $15.5 billion.
Next are Anthony Bamford, a representative figure in engineering and manufacturing, as well as Alex Gerko, Michael Platt, and Chris Hohn, who built vast wealth through trading, hedge funds, and asset management.
2025 UK Rich List | Image source: Beinsure Media
Comparing the two lists, you may notice that many individuals worth billions—or even tens of billions—of pounds do not appear on the Tax List at all. Conversely, regulars on the Tax List are often singers, athletes, and actors.
Figures like Ed Sheeran, Anthony Joshua, Erling Haaland, Mohamed Salah, and Harry Styles, while not prominent on the Rich List, consistently rank among the top 100 taxpayers. This is not because they are wealthier, but because their income is primarily derived from labour rather than wealth itself. Record sales, prize money, and salary income are subject to far higher tax rates than capital gains.
The view from TB Accountants
In summary, the issue is not merely whether the wealthy are engaging in tax avoidance. Although offshore tax avoidance costs the UK approximately £12.5 billion in lost revenue annually, the deeper crux lies in the imbalance of the tax structure itself.
The taxes paid by ordinary people come mainly from wages, pensions, consumption, and a small amount of investment income, with the highest burden falling on earned income.
Meanwhile, the primary source of income for the ultra-wealthy is the appreciation of existing wealth, which is much less constrained by the tax system. When vast wealth grows year after year through compound interest while remaining largely untouched, the result is a widening wealth gap.
It is against this reality that a wealth tax has returned to the centre of public discussion in the UK. Although Chancellor Reeves has explicitly opposed the creation of a standalone wealth tax, arguing that the current system already covers high-income groups, Labour’s support is being squeezed by the Green Party. Discussions around fair taxation, wealth distribution, and public responsibility are becoming clearer. Any new reshuffling could create the practical space for new tax policies.
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