Income in the United Kingdom


Income in the United Kingdom

The United Kingdom is a wealthy country in world terms, with virtually no people living on less than US $2 a day. There were over 425,000 net worth Sterling Millionaires in Britain in 2005 ( [http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2005/10/18/nmill18.xml&sSheet=/news/2005/10/18/ixhome.html source] ), and 383,000 Dollar Millionaires (financial assets only) in 2004 ( [http://www.guardian.co.uk/business/2004/jun/16/money source] ). There is however significant income inequality with Britain having a Gini coefficient of 36. The main sources for the statistics below are Her Majesty's Revenue and Customs (HMRC) and the Institute for Fiscal Studies (IFS)

Taxable Income

Data from HMRC 2004-2005; incomes are before tax for individuals. The personal allowance or income tax threshold was £4745 (people with incomes below this level do not pay tax). The Mean income was £22,800 per year with the average Briton paying £4060 in tax.

Income distribution across UK regions

[http://www.hmrc.gov.uk/stats/income_distribution/table3-11-2004-05.pdf Source]

Wealth

The net worth information is based on data from the HMRC for 2004-2005 and includes marketable assets including house equity, cash, shares, bonds and investment trusts. These values do not include personal possessions.

Other Social Security Benefits include: Housing Benefit, Income Support and Jobseeker's Allowance

ee also

* Poverty in the United Kingdom
* Taxation in the United Kingdom
* Pension provision in the United Kingdom

References

* HMRC statistics - [http://www.hmrc.gov.uk/stats/income_tax/index.htm]
* IFS - [http://www.ifs.org.uk/wheredoyoufitin/]


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