While average earners are to be hit by tax rises in the Budget, there’s no change to the tax cap for the super rich.

The tax cap places an upper limit on the amount of income tax paid.

High net worths will continue to have the option to make a tax cap election for a five or 10-year period, with the maximum income tax liability for an individual remaining at £200,000 and £400,000 for a jointly assessed couple.

An income tax cap for residents was introduced in 2006 as part of a policy to attract wealthy entrepreneurs to the island. It was initially set at £100,000 for an individual and £200,00 for a couple.

There are no recent figures for the number who benefit from the tax cap. A Freedom of Information response by Treasury in 2017 put the figure of tax cap elections at 66.

At the time Treasury said: ‘Whilst there may be a perception that Treasury is foregoing a pool of additional tax revenue as a result of the tax cap being in place, this is not necessarily the case.

‘It is highly likely that individuals would further restructure their financial affairs in order to reduce their tax liabilities if the tax cap did not exist.’