Lifetime Tax Bill Now Over £1 Million for Typical Family

New analysis from the Taxpayers’ Alliance shows the lifetime tax bill for the typical household hit an incredible £1,101,255 with 2019-20 rates, with families on the average household income now having to work 18 years just to pay off the taxman. For the bottom 20% of households, it’ll take almost 24 years. This is before No. 10 have the chance to whack up National Insurance… 

To give a sense of perspective, here’s where that £1.1 million could have got you if HMRC hadn’t not come knocking:

  • Two weeks in Costa del Sol, full board, four star for two adults (peak season) every year (according to TUI): £142,002
  • Detached house (average for England): £456,259
  • New Audi A4: £36,030
  • Premier League season ticket every year: £30,780
  • National Trust Life membership for 2: £2,160
  • 2 kids through university, based on three years of maximum tuition fees and maximum maintenance loans: £131,502
  • Pension pot yielding guaranteed annuity of £10,800

The Taxpayers’ Alliance also point out how it would take the average household taxes of almost 4,100 families to cover the costs of benefit overpayments in 2019-20 alone. As Lord Frost said this morning, there’s no way he could return to help Downing Street out if they insist on pressing ahead with a policy of raising taxes…

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mdi-timer January 31 2022 @ 11:01 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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