Latest Tax Freedom Day for 20 years
Yesterday marked the latest ‘Tax Freedom Day’ for two decades, according to the Adam Smith Institute. The think-tank found British taxpayers have effectively worked 148 days to cover their tax bills in 2018 - three days more than in 2017. Figures from the Office for Budget Responsibility show HMRC will collect £724.9bn this year, equivalent to 34.3% of national income. The last time the tax burden was higher as a proportion of GDP was in 1969-70.
Source: The Daily Telegraph (29/05/2018)