Q. How much money does the Government receive from taxes?
Q. What is the breakdown of income tax, NIC, VAT etc? How have they changed? Q. What is the trend in government 'tax receipts'? |
Sources
HM Revenue & Customs. Table 2.4 Shares of total Income Tax liability. Published 30 April 2014. Last updated 25 May 2018. https://www.gov.uk/government/statistics/shares-of-total-income-before-and-after-tax-and-income-tax-for-percentile-groups HM Revenue & Customs. Disaggregation of HMRC tax receipts. ODS file. Published 4 October 2013. Last updated 5 October 2018. https://www.gov.uk/government/statistics/disaggregation-of-hmrc-tax-receipts HM Revenue & Customs. Table 2.8 Income Tax receipts, analysis by type. Published 31 August 2018. https://www.gov.uk/government/statistics/table-28-income-tax-receipts-analysis-by-type-tax-year-2006-to-2007-to-tax-year-2017-to-2018 |
Tax Receipts
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Since 1999-00, the distribution of 'Tax Receipts' has largely stayed the same, with the core 3 contributors remaining about the same percentage of the overall total. There has been a steady increase in the amount of tax being paid, apart from a slight dip in 2008 and 2009, with the 2017-18 figure now double that of 1999-00, which is about 60% above inflation. |
Tax Receipt funding has increased consistently since 1999-00 apart from in 2008-09 and 2009-10 where there was a slight drop, but always above the inflation rate. |
Since the baseline year of 1999-00, the 3 main contributors have all increased significantly by 90-130%. Whereas, Fuel Duties have increased more gradually to around 23%, and always below the inflation rate. |
Taxes generated from Stamp Duty, Insurance Premium Tax, and Capital Gains Tax have been more volatile with large increases and decreases year-on-year. Compared with 2009-00, these 3 are now contributing around 300% more towards government funding. In comparison, Alcohol and Tobacco duties have increased much more gradually, with 2017-18 now at around 50-75% more. |
Starting in 2007-08, Air Passenger Duty has seen a very significantly increase in Tax Receipts, now standing at around 280% more than the 1999-00 baseline. Inheritance Tax Receipts have also been increasing quite a lot, with 2017-18 bringing in 150% more than 1999-00. |