The majority (73%) of UK high net worth (HNW) individuals think they pay the right amount of tax, Saltus finds.
The wealth manager's latest wealth index questioned 1,000 UK residents with more than £250,000 in investable assets about their views on the economy.
Almost three quarters (73%) said they think they pay ‘the right amount' in tax, ahead of 23% who feel they pay too much. The other 4% of respondents told Saltus they felt they should be taxed more.
In its Mini Budget last Friday (23 September) the government confirmed that the 45% top rate of income tax will be scrapped for high earners. A 40% rate will instead be introduced in a bid to simplify the tax system and make the UK more competitive, new chancellor Kwasi Kwarteng said.
The new rate will be effective from the start of the 2023/24 financial year.
"Our research is very clear - while some (one in five) high earners will welcome this move, the vast majority (77%) were not asking for tax cuts," said Saltus partner Michael Stimpson.
HNW individuals with between £250,000 and £500,000 were most likely to think they pay the right amount of tax, with 83% signalling so in the index.
Among the those with assets of £3m or more, a slightly lower figure (59%) believe they pay the right amount and almost a third (30%) feel they pay too much in tax.
