HMRC brings in £513bn tax haul

HM Revenue & Customs (HMRC) has revealed that it collected £513.5 billion in tax in the 2014-15 financial year.

HMRC’s latest monthly report, published on 23 April, revealed that the total annual tax take has soared by £166 billion since 2003-04, when the figure stood at £347.5 billion.

VAT made up a fifth of the 2014-15 total, coming in at £111 billion, almost £40 billion more than in 2003-04.

Income tax contributed £163 billion and corporation tax £42 billion. Meanwhile, the inheritance tax take climbed to £3.7 billion, close to its previous peak of £3.8 billion in 2007-08.

HMRC said: “Over the last decade IT, CGT and NICs (income tax, capital gains tax and national insurance contributions) have made up on average 56 per cent of total receipts.

“VAT (Value Added Tax) and Corporation Tax (CT) are the next biggest, contributing an average 19 per cent and 10 per cent of total receipts respectively.”

Link: HMRC statistics

Posted in Tax News.