His Majesty’s Revenue and Customs will take approximately 45% of Christian Horner’s reported £80million settlement for leaving his role at Red Bull according to analysts at OLBG.
The 51-year-old, who was valued a reported £40,000,000 prior to this windfall, will more than double his net worth once taxes have been paid to the state.
Fortunately for Horner, he should not have to pay National Insurance as termination payments are not generally considered as earnings.
He would however quickly surpass the limits of his personal allowance, even if it was assumed that his earnings for the year so far had not already breached this threshold.
Given the size of the settlement, the vast majority of Horner’s settlement would fall into the 45% tax bracket that would be paid at the Additional Rate.
In total, HMRC will take £35,986,500 from Horner’s settlement assuming that the former F1 boss would not employ various vehicles and plans to reduce the amount he needs to pay in tax.
That would leave him with £44,013,500 to take home, boosting his own net worth to almost £85,000,000, almost triple the value of his wife and former Spice Girl, Geri Halliwell, who is worth a reported £31,000,000.
However, Horner would still fall some way short of matching the wealth of his great rival, Mercedes team boss and billionaire Toto Wolff who is reportedly worth a staggering £1,270,000,000 after becoming a billionaire in 2023, according to Forbes.
Should Horner want to think about the good his taxes could do, the amount to be claimed by HMRC would be enough to pay for the training of 537 new nurses to reinforce the National Health Service.
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