Tax receipts rise by almost 10%

Tax receipts rise by almost 10%

Commenting on the publication of total annual tax receipts for 22-23, Paul Falvey, Tax Partner at BDO said:

"The latest figures show that HMRC collected £786.6bn in taxes in 22-23, a year-on-year increase of almost 10%, with overall tax receipts now equating to 31.4% of GDP, the highest level in the last 20 years.

“If you look at personal taxes, including Income Tax, Capital Gains Tax and NICs, receipts in 22-23 rose to £440.9bn, up 12% on the previous year. This is likely to be as a result of frozen tax thresholds pulling more people into higher tax bands, the continued economic recovery post-pandemic and increases to National Insurance rates.

“These personal taxes now equate to 17.6% of GDP – again the highest level in the last 20 years.

“Combined business taxes reached £84.9bn in 22/23, 26% higher than in 21/22, and reaching 3.4% of GDP.

“The Chancellor has acknowledged that business taxes are currently too high and he would like to bring them down. With government borrowing last year coming in £13.2bn below the Office for Budget Responsibility forecast, this may give him some latitude to reduce headline corporation tax rates at the next Budget.”


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Frank Shepherd
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