Taxes hit £1 trillion

Taxes set to hit £1trnTaxes are set to hit £1trn for the first time, Budget documents published by the Office for Budget Responsibility (OBR) reveal, with analysis suggesting the total tax take will reach £1,038,000,000,000 in 2026/27. The figure is a third more than the £775.7bn expected this year and would take the tax burden to the equivalent of 36.2% of GDP – the highest level since the early 1950s. The OBR report also suggests wealth taxes – inheritance tax and capital gains tax – will bring in more than £130bn over the next six years. By 2027, the Government will collect £91.9bn in CGT and £40.5bn in IHT, the documents forecast.