Baby boomers paying more income tax than Gen-Zers

More baby boomers are paying income tax than Gen-Z workers, in a significant shift since the pandemic.

- BRYONY GOOCH

More than 5.4 million Britons aged over 70 paid income tax in the 2022-23 financial year, while there were 5.23 million taxpayers aged under 30, according to the latest data from HM Revenue and Customs. There were more taxpayers over the age of 75 than in any other age range, with 3.63 million people recorded as paying income tax for the demographic.

People aged over 70 paid £19.1bn in income tax, while £18.3bn was paid by people under the age of 30. The latest figures are a reversal of pre-pandemic trends – 4.65 million people over 70 paid income tax in the 2019-20 financial year, compared to 4.8 million taxpayers under the age of 30.