HMRC record tax take
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HMRC record tax take

posted in Tax by Phillip Harris on 09:34 Jul 18th, 2018

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 HMRC reports record tax take

HMRC brought in a record total of £605.8bn in taxes in the year to April 2018 - up 5.4% (£0.9bn) on the previous year. The figure includes £186bn in income tax, £130.5bn in NI contributions, £128.6bn in VAT and £53.3bn in corporation tax. The only taxes which saw revenue decrease over the year were capital gains tax which fell by 7.1% as a result of the reduction in the rate from 18% to 10% for non-higher rate taxpayers, and hydrocarbon oils which fell by 0.4%. The data also shows that the compliance yield went up over the year by £1.4bn to £30.3bn, £2.3bn ahead of the annual target. Despite the record takings, the Government continued to spend more that it got in in taxes for the 16th year in a row and borrowed the difference, taking Government debt to a staggering £1.8 trillion.
Source: Economia

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