In 2016, the Government paid a tax manager’s salary of £70.4m.
This is the equivalent of £7.6m today.
This year, that figure is set to rise to £75.2m.
That is up from £65.2 million in 2016.
Tax managers were paid £72.7m in 2016, which is an increase of 11.2%.
The pay rises are part of a government spending review.
In 2017, the Treasury announced that it was going to increase the annual amount paid to tax managers by an additional 4%.
It is also going to raise the minimum salary for those who work for the department to £80,000.
This raises the average salary of the UK’s tax managers from £76,000 to £79,000, which means that it will increase the pay of the top 10% of the country’s tax manager by an average of £14,000 a year.
In 2018, the pay rises for tax managers are expected to continue, as is the amount of the salary rise.
The Treasury said in 2017 that the pay rise for tax manager was set to be in line with that of the number of tax managers employed in the UK.
This means that in 2018, tax managers will be earning a further £8.3m.
The Government has also announced a tax-related compensation package worth £1.3bn, which will see tax managers get up to £40,000 each year.
The package includes: Tax Manager pay rises to 3.5% from 3.2% Tax manager bonuses for 2018 to 2.9% Tax Manager bonuses for 2019 to 2% Tax management salaries to increase from £70m in 2020 to £74m in 2021 and £76m in 2022 Tax managers will also be able to receive a further bonus of up to an additional £2,000 if they hold an Executive Level Position.
Tax manager salaries will also increase by 1% each year until 2021.
The new pay rises have been welcomed by the Taxation Commissioners.
The Commissioner’s chief executive, David Walker, said: The Taxation Commission is pleased that the Government has recognised the importance of the profession and is working to ensure that the tax manager profession is well paid.
The Commission will continue to work with the Government to ensure the professional pay package delivers the best value for the taxpayer and tax payers.
The Tax Office is also reviewing the pay and benefit packages of its tax manager staff, which includes looking at how to improve the overall compensation package.