All time high tax burden

Posted on 09 Feb 2022
Share Blog Post
Tax burden is at highest since 1951Office for Budget Responsibility data shows that the tax burden - the amount of tax taken by the Treasury compared with the size of the economy – is set to climb to 34.2% in the next financial year. Analysis by TaxPayers' Alliance shows that, using a five-year average, the tax burden is already at its highest level since 1951. An increase could be driven by higher taxes reportedly being considered by Rishi Sunak, who is said to be mulling an increase in capital gains tax to bring it into line with income tax rates, with higher corporation tax also being considered. The mooted increases, which could be delivered in the March budget, come as the Chancellor looks to balance the books following the economic blow dealt by the coronavirus crisis. TaxPayers' Alliance chief executive John O'Connell comments: "The sustained tax burden is now the highest it has been since the country was recovering from the Second World War 70 years ago, and any tax rises in the next Budget will put that figure even higher.” He urged the Chancellor to “give hard pressed families and businesses a respite from taxes."

View more blog posts

IHT blow to SME's
Posted on 19 Mar 2025
IHT blow to SME's
read more
SME's raise prices
Posted on 05 Mar 2025
SME's raise prices
read more
Firms rethink plans
Posted on 27 Feb 2025
Firms rethink plans
read more
Threat to business investment
Posted on 19 Feb 2025
Threat to business investment
read more
Back To Top
01604 660661