All time high tax burden

Posted on 09 Feb 2022
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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."

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