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PH NEWS

HMRC reports record tax take

HMRC received a total of £605.8bn in taxes to the year April 2018 which is up 5.4% from the previous year.  Part of the figure includes: -

£186bn of income tax

£130.5bn n NI contributions

£218.6bn in VAT

£53.3bn in corporation tax

The only tax that HMRC saw a decrease over the year was for capital gains tax which fell by 7.1% because of the reduction in the rate from 18% to 10% for non-higher rate taxpayers.

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