According to research by Axa, higher earning households are paying more than one million pounds in tax during their lifetime. The average British household will pay around £603,697 in tax during its lifetime, but a couple, under 30, would only need to earn a combined income of £47,891, in order to have to pay £1 million in their lifetimes.
Income tax is the main part of this total levy, with British people paying, on average, 35.5% of their income on this tax. Income tax and national insurance account for an average of £311,507 in tax during a lifetime, but indirect taxes, such as fuel tax, raise the bill.
Our view
"In this World nothing can be said to be certain, except death and taxes". Benjamin Franklin 1789.
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