Chartered Accountants Tax News - 27th September 2010

Mon, Sep 27, 2010

HMRC have now published official statistics on Tax receipts and the number of taxpayers in the UK.

Overall, total tax receipts by HMRC were £408,496 million in 2009-2010, down some £30,611 million since 2008-2009. Tax receipts peaked at £451,053 million in 2007-2008 before the economic crisis truly began. Total tax receipts are actual receipts of tax (generally on a cash basis) and are net of negative tax credits.

Comparing the total receipts of individual categories in 2009-2010 with the tax year 2007-2008, the most significant falls come from VAT which shows a 12.96% decrease (can be partially explained by the 15% rate for 1 year from January 2009), corporation tax with a fall of 22% and stamp duty receipts which have fallen 44% to £7,093 million in the last tax year. Income tax and CGT fell 7.1% in that period.

The number of taxpayers and registered traders also shows a decline since 2008-2009.

Full details of the statistics can be accessed here.

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