Substantial hike in tax receipts for 2021-22

HMRC collected £718.2bn in taxes in 2021-22 an increase of 22.9% from the year before.

The latest statistics reveal that during the year ended 31 March 2022 receipts from income tax capital gains tax and National Insurance combined accounted for 56% of the annual receipts. According to HMRC this is mainly due to strength in both employee earnings during 2021-22 and some self-assessed income streams and asset disposals during 2020-21 though it is also partly due to the deferred payments from the year before.

Katharine Arthur partner and head of private client at haysmacintyre said: ‘These latest tax receipts show National Insurance contributions have risen to their highest levels on record reaching a vast total of nearly £157bn over the past 12 months. Across the board British taxpayers are now paying more Income Tax and National Insurance than...