Sheffield residents are paying some of the lowest income tax bills in UK, according to a study by the city-based accountancy firm UHY Wingfield Slater.
The company says residents of Sheffield pay an average of £3,460 in tax per year – 21 per cent lower than the UK average of £4,398 and less than half the average for London, of £8,580.
UHY Wingfield Slater’s managing partner, Peter Newsam, said: “Sheffield’s personal wealth tax bills are much lower than those in places like London and the South East, a legacy of the huge changes the local economy has undergone as the UK switched away from manufacturing.
“There is a lot of potential in the city, Sheffield is a key regional hub, but it has a lot of catching up to do. As well as expertise in traditional sectors such as manufacturing and engineering, it is home to growing industries such as software design and healthcare technology.”
UHY Wingfield Slater says residents of Elmbridge in Surrey pay the highest average tax bill – £16,100.
Sheffield residents’ total income tax bill is the 12th highest in the UK at £812 million a year – compared with £1,180 million in Elmbridge.