“UK Business Thrives: Top Taxpayers Merit Knighthoods Recognition”
The UK’s business landscape continues to celebrate its top taxpayers, with new figures highlighting their significant contributions to the economy. The recent disclosure of the country’s highest taxpayers revealed that the top 100 individuals collectively paid £5.7 billion in taxes over the last year.
Celebrating Wealth Creators
These high earners represent a remarkable financial influence, equating to the contributions of approximately 823,000 average taxpayers. For context, the average taxpayer contributes around £7,000 annually.
Top Contributors: The Done Brothers
At the forefront of this prestigious list are Fred and Peter Done, recognized for their success in the betting industry through Betfred. This year marks the first time they topped The Sunday Times Tax List, contributing over £400 million to public finances within just one year.
- Top Taxpayers Paid: £5.7 billion
- Average Taxpayer Contribution: £7,000 annually
- Equivalent of 823,000 Average Taxpayers: Size of two large UK cities
- Done Brothers’ Contribution: £400 million
Despite operating in a heavily taxed and regulated sector, the Done brothers have succeeded. They began their journey with humble beginnings in Greater Manchester and expanded their business significantly since opening their first bookmaker in 1967, funded by their winnings from the England football team’s World Cup victory.
Impact on Employment and Economy
Today, they operate over 70 betting shops and employ approximately 10,000 individuals. Beyond betting, Peter Done also founded Peninsula Business Services, a company known for its focus on employment law and workplace health.
Their success story is not just a tale of financial achievement, but a testament to their loyalty to the UK. The brothers have remained in the country, contributing to job creation and supporting the economy.
Proposed Recognition for Top Taxpayers
In light of their contributions, there have been calls for the government to honor these eminent figures. Suggestions include awarding MBEs to the top 100 taxpayers and knighthoods or damehoods for the outstanding contributors like the Done brothers. This form of recognition could incentivize wealthy individuals to remain in the UK and further contribute to the economy.
As the UK strives for economic growth, acknowledging and rewarding its top taxpayers may be a crucial step forward in fostering an environment where business leaders can thrive.
