Ed Sheeran forks out $264,700 a week in taxes last year

Ed Sheeran forked out 158,917 pounds (S$264,700) a week in taxes last year.

The Bad Habits hitmaker — who is said to be worth around 250 million pounds — might have seen his earnings jump 8.4 million pounds to a whopping 18.3 million pounds, but most of that was spent paying the tax man, according to the Daily Mirror newspaper.

The global megastar had a turnover of 23.6 million pounds in 2022 and his profit amounted to 16.3 million pounds.

Ed Sheeran Ltd will pay 3.1 million pounds in Corporation Tax, while his touring firm will pay five million pounds.

The Grammy winner also has a property portfolio and will pay 124,000 pounds to the Exchequer.

The 32-year-old musician has previously discussed his incredible wealth and insisted he always wants to give back.

He told OK! Magazine: “It is ‘earn a penny, spend a penny’ with me. As soon as it comes in, it goes out. I don’t have that much value on it. I place more value on my friends and family being okay. A lot of my money goes to charity or to children’s hospitals near where I live. I have enough to be comfortable and the rest goes to help people.”

Last year, it was revealed that Ed gave away nearly one million pounds to help children learn music.

The chart-topper donated almost 500,000 pounds over the past five years via his Framlingham Foundation Trust, and the charitable initiative — which trades under the name Ed Sheeran Suffolk Music Foundation, or ESSMF — and had a similar sum earmarked for youngsters looking for funding for instruments, concerts, and rehearsal spaces.

A source told the Sunday Mirror newspaper at the time: “Ed has never forgotten his struggle to reach the top and the impact music made on his life. It is fantastic he’s helping in this way.”

Ed’s funding also paid for equipment in the music department of his and his wife Cherry’s old school, Thomas Mills School in Framlingham, Suffolk, with the establishment receiving 30,000 pounds for the purpose.

Another school in the Shape of You singer’s hometown, St. Michael’s, received 17,000 pounds as part of an educational scheme with after-school singing and dancing.

The Castle on the Hill hitmaker — who has young daughters Lyra, three, and 17-month-old Jupiter with Cherry — said: “The reason I’m doing it in Suffolk is [because] it’s the area I grew up, I still live here and I learnt how to play music here and I feel like I’ve had a lot of support from the area and I feel like I wanna give some support back.”