View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
  2. Column
September 2, 2011

British wealthy silent on more taxes

By Spear's

Among the recent clamour of the American and European wealthy to be taxed more, one country’s billionaires have remained resolutely silent: Britain’s

Among the recent clamour of the American and European wealthy to be taxed more, one country’s billionaires have remained resolutely silent: Britain’s.

Warren Buffett wrote in the New York Times that ‘my friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice,’ while L’Oréal heiress Liliane Bettencourt signed a public letter asking for an extra 3 per cent tax for those earning above €500,000.

But a quick survey of the CEOs of Britain’s leading private banks has produced no evidence that Britons will be writing cheques to HMRC any time soon. One CEO said that he thought this was because French and American taxes are a lot lower than British (Buffett said he paid 17.4 per cent). Another said that none of his clients had expressed any such sentiment, with an added exclamation mark.

Hedgehog’s feeling is that the wealthy who are calling for extra taxes already have much-reduced taxes: if your lawyers and accountants have lowered your bill beyond what you would normally pay, then why should you mind paying a little more if it still doesn’t take you to that level?

Josh Spero

Content from our partners
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024
AP Executive: Your Trusted Global Partner in Wealth Management Recruitment
A League of Their Own

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network