Another bumper tax take for HMRC
July saw another huge tax take for the Treasury
Total tax takings for July 2023 were over £80.7bn which is the fourth highest month on record exceeded only by January 2023, 2022, and 2021.
Jo Neal from Blick Rothenberg notes:
“January and July are the biggest months for HMRC’s income tax receipts as July is when self-employment individual’s 2nd payments on accounts are due and January is when any final balancing payments are due.”
Of the £80.7bn takings £30.2bn related to income tax. In comparison the July 2022 income tax takings were £25.4bn reflecting a 19% increase over the past 12 months. With average pay increasing by 7.8% over the past year this shows that more taxpayers are being pushed into higher tax rates and losing a larger proportion of their salaries to tax. With the tax bands being frozen until April 2028 we expect to see this continuing, and an increasing tax burden being put on the UK taxpayer.”
“In addition to this corporate tax takings are up 19% in the last 12 months compared to the prior 12 months and inheritance tax takings are over 15% up. The only tax where takings are decreasing is Stamp Duty Land Tax due to the increasing mortgage rates causing property transactions to decline.
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If you would like to discuss the above, please get in touch with Jo Neal or your usual Blick Rothenberg contact using the form below.