The top Indian tax-payers in the UK
The Sunday Times Tax List is out.
Dear all,
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Welcome also to our newest Member Mamta Rathore. She has worked in business and now works part-time in education. She was born in India and raised in UK from the age of five. So have a lot of empathy for both nations. She joined BI because she’s hoping to attend some interesting thought provoking debates upon the history and future of the country.
The Sunday Times Tax List is out, and it shows Indians pay a lot of tax to the UK government. Scroll down for a deep dive.
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Bridge India’s annual Ideas for India conference is back, on Friday 30 May. It is the leading forum to engage in high level discussions on the New India.
India continues to lead global economic growth, outpacing other major economies, although challenges for FDI, middle-class consumption and exports remain. Meanwhile, the world grapples with the realities of a multipolar world and disruption from the new Presidency in Washington. The UK and India stand poised to build a dynamic and mutually beneficial partnership, capitalising on shared opportunities and addressing common challenges.
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When: All day, Fri 30 May
Where: Royal Lancaster London, Lancaster Terrace, London W2 2T
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The top Indian tax-payers in the UK
The Sunday Times Rich List shows that Gopi Hinduja and family are the wealthiest UK billionaires, with a wealth is put at £37.196 billion, up from £35 billion last year and the largest fortune ever recorded in the leading wealth rankings. Steel magnate Lakshmi Mittal and family are eighth, with a £14.921 billion wealth.
But who pays the most tax?
A hedge fund billionaire who started life as the son of a Jamaican immigrant has emerged as Britain's top taxpayer, contributing £340million to taxation in the last year. He was also Rishi Sunak’s boss for three years before Sunak joined Parliament.
Surrey-born Sir Chris Hohn began working in the City of London after graduating from Harvard University in 1993 before setting up his own hedge fund in 2003.
He has paid more than £930million over the last five years and his current tax bill of nearly £1million a day has propelled him to Number 1 in the Sunday Times list dominated by retailers, builders, and bookmakers.
At Number 11, are Lord Bamford and family. The Tory peer was born on the same day his father founded JCB. The yellow digger manufacturer paid out a £300 million dividend to the Bamford family last year and £121.3m in tax. JCB are one of the largest UK investors in India.
At No 33 are Ranjit Singh and Baljinder Boparan and family, the supermarket supplier known as the "chicken king" also owns Carluccio's, Gourmet Burger Kitchen and other restaurants. They paid £38.3m in tax.
No 44 is Adar Poonawalla, the Indian pharma mogul educated in England. Poonawalla bought a Mayfair building for £138 million in late 2023 — incurring a stamp duty bill of more than £26 million. He contributed £26.1m in tax.
Just below at No 45 and with £26m in tax, are Simon, Bobby and Robin Arora. The brothers transformed High Street staple B&M from a small retailer into a £3.2 billion behemoth.
At 53 is Joe Hemani, a vice-president of Chelsea FC and honorary life president of the Henley Festival, who makes his money selling electrical goods.
At No 93 is Surinder Kandola. The Domino's Pizza franchisee owns Za Za Bazaar, billed as the UK's biggest restaurant.
Sources: NewsUK, Sunday Times, Daily Mail
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The Bridge India Team
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About Bridge India: Bridge India is a progressive non-profit think tank dedicated to discourse on public policy. Bridge India is a company limited by guarantee Companies House number 15283062.