HMRC has recently published details of tax receipts and taxpayers.
The total tax take in 2008/09 was £439,093 million, down from £451,053 million in 2007/08. The tax take for the first seven months of the current year is £349,208 million. For 2008/09 the main contributory tax was again income tax at £147,856 million, followed by national insurance at £96,882 million.
Looking at the detail it seems odd that taxes such as inheritance tax, that make up such a small amount of the overall tax take (0.65% in 2008/09), should generate so much political interest as compared to national insurance.
Incidentally capital gains tax, which also seems to get a fair bit of coverage, accounted for only 1.8% of total taxes. It actually raised less than stamp duties.
Full details can be found at http://www.hmrc.gov.uk/stats/tax_receipts/menu.htm.
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Date: 1st October, 2009
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