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Tax receipts climb nearly 5% in a year

© Copyright LexisNexis 2024. All rights reserved.

03 May 2019

Issue: 4694 / Categories: News

HMRC collected £622.8bn in taxes in 2018-19 an increase of 4.9% from 2017-18 according to its latest tax receipt statistics.

Income tax produced the highest amount at £190.51bn – compared with £180.04bn in 2017-18. National Insurance produced £137.2bn followed by VAT with £131.7bn. Capital gains tax collected rose almost £1.5bn from 2017-18 to £9.2bn.

Receipts from stamp duty land tax however were down 7.5% from £12.906bn in 2017-18 to £11.939bn. This was in part due to the devolution of SDLT payments in Wales and the introduction of first time buyers’ relief which started in November 2017.

The soft drinks tax made £240m while insurance premium tax hit £6.2bn – more than doubling since 2014-15.

Sarah Coles personal finance analyst at Hargreaves Lansdown said: ‘Everything you do – from earning a crust to forking out a fortune on the high street – the taxman takes a...

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Tax receipts climb nearly 5% in a year

© Copyright LexisNexis 2024. All rights reserved.

03 May 2019

HMRC collected £622.8bn in taxes in 2018-19 an increase of 4.9% from 2017-18 according to its latest tax receipt statistics.

Income tax produced the highest amount at £190.51bn – compared with £180.04bn in 2017-18. National Insurance produced £137.2bn followed by VAT with £131.7bn. Capital gains tax collected rose almost £1.5bn from 2017-18 to £9.2bn.

Receipts from stamp duty land tax however were down 7.5% from £12.906bn in 2017-18 to £11.939bn. This was in part due to the devolution of SDLT payments in Wales and the introduction of first time buyers’ relief which started in November 2017.

The soft drinks tax made £240m while insurance premium tax hit £6.2bn – more than doubling since 2014-15.

Sarah Coles personal finance analyst at Hargreaves Lansdown said: ‘Everything you do – from earning a crust to forking out a fortune on the high street – the taxman takes a...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

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Categories: News [1]

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