'Record amount' of tax collected by HMRC

20 Jul 2018

A ‘record amount’ of tax has been collected by HMRC, official data has revealed.

The data showed that, in the year to April 2018, HMRC collected a total of £605.8 billion in taxes – an increase of 5.4% when compared to the figure recorded in the previous year.

Of this total amount, £186 billion was collected in income tax; £130.5 billion in national insurance contributions (NICs); £128.6 billion in VAT; and £53.3 billion in corporation tax.

The amount collected in capital gains tax (CGT), however, fell by 7.1% as a result of the reduction in CGT rates from 18% to 10%, where an individual is not a higher rate taxpayer. 

The data also revealed that HMRC secured £30.3 billion by tackling tax avoidance and evasion, and that 15 million taxpayers are actively using their Personal Tax Accounts (PTAs) to manage their taxes online.

Commenting on the data, Jon Thompson, First Permanent Secretary and Chief Executive at HMRC, said: ‘HMRC has a vital purpose, and that is to collect the revenues that pay for public services, and to provide targeted financial support for those in our society.

‘Last year, HMRC had a great year. Record revenues, record compliance yield, record numbers of people prosecuted for tax evasion, and performing strongly for customers up and down the country.’

As your accountants, we can help you plan for a prosperous future, while keeping the tax bill to a minimum. Please contact us for more information.