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HMRC has collected £37bn from eight new taxes and levies on businesses it has introduced over the past ten years according to research from UHY Hacker Young.
These taxes raised £7.6bn in 2018-19 up from £7.4bn the previous year. The newest tax – the soft drinks levy – has rendered more than £300m in the year since it was introduced in April 2018.
The highest-yielding taxes are:
- the apprenticeship levy – generating £5.5bn since it was introduced in 2017;
- the bank surcharge which has raised £5.3bn since it was introduced in 2016; and
- the bank levy which has generated £20.4bn since its introduction in 2011.
Clive Gawthorpe tax partner at the firm’s Manchester office said: ‘Adding new taxes and placing a heavier burden on businesses does not seem to fit in with the government’s aims to simplify tax. These new taxes have already brought in billions of pounds in a relatively short space...
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