HMRC achieves record tax take | ICAEW Economia

HMRC has revealed that in the year to April 2018, it brought in a record total of £605.8bn in taxes, up 5.4% (£0.9bn) on the previous year

This includes £186bn in income tax (2016/17 £173bn), £130.5bn in national insurance contributions (v £122.5bn), £128.6bn in VAT (v £124.4bn) and £53.3bn in corporation tax (v £51.1bn).

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 comes from HMRC’s annual report and accounts which were published yesterday. These also show that the compliance yield went up over the year by £1.4bn to £30.3bn, £2.3bn ahead of the annual target.

“Every year, through our compliance work, we collect or protect

... read more at: https://economia.icaew.com/en/news/july-2018/hmrc-achieves-record-tax-take-in-201718