Treasury recovers half lost pandemic revenue

Recent statistics indicate that the overall tax take HMRC received in the year to 31 August 2021 increased by more than £105bn year on year says tax and advisory firm Blick Rothenberg.

Robert Pullen a tax partner at the firm said: ‘Overall HMRC receipts were £669bn. This compares favourably to the prior year amount of £564bn an increase of 18%. This jump in revenue has helped to claw back the significant hit taken due to the pandemic when total HMRC receipts tumbled between year end August 19 and August 20 by over £66bn or 11%. The bounce back represents around 57% of the “lost” revenue HMRC would have expected last year.’ 

Separate analysis of HMRC tax receipts by UHY Hacker Young shows the amount of income tax paid by self-assessment taxpayers has jumped 31% to £38bn in the year to 31 August...