Two gambling dynasties, the Coates and Done families, have appeared in the top three of ‘The Sunday Times 2021 Tax List,’ which monitors the super-crucial rich’s contributions during a critical era for the UK Treasury.
Denise, John and Peter Coates, the founding family of bet365, topped the Sunday Times tax list for the second year in a row, after collectively paying over half a billion pounds (£573 million) during the 2019/2020 tax year.
The Coates family’s recorded tax liability is equal to paying 63,000 state pensions each year, with an estimated wealth of £ 7.2 billion, primarily created by the bet365 company.
The Coates, a famously private family, are also regarded as one of the biggest individual donors in the UK, having donated £ 10 million directly to the NHS Midlands Trust at the beginning of the pandemic.
Fred and Peter Done, regarded as the highest climbers on the tax list, joined the Coates family at the top table of the Sunday Times taxpayer index.
The Salford-born brothers moved from 22nd to third place after seeing Betfred and enterprise services company Peninsula Group’s combined tax takeovers rise from £ 45 million to £ 191 million during 2019/2020.
The Sunday Times, compiling its list, reported that it had altered methodologies by including gambling duties charged by companies during the tax year 2019/2020.
During 2019/2020, the Coates and Done families were among only 17 business owners who paid more taxes, which the newspaper said represented the economic downturn and investor unease prior to the pandemic in UK business conditions.
Drop in entry level
In its report, The Sunday Times highlighted concerns that “last year you needed to have paid £20.4 million of tax to make it onto the list, while this year that entry-level has plummeted to £13.1 million, down nearly 36 per cent.”
Robert Watts, lead compiler of the tax list for The Sunday Times, remarked: “These worrying numbers show the tax take from many of Britain’s super-rich has fallen sharply – largely because their businesses have seen a downturn.
“These numbers illustrate that when some wealthy people prosper our public finances do feel a benefit. After the pandemic has passed the Chancellor will need to maximise income from these individuals without driving them or their businesses away from the UK.”