Total tax receipts for 2014-15 were up £2.18bn year on year to £514.4bn, marking two consecutive years of growth after a sharp fall in tax revenue in 2009-10 during the recession when tax revenues were only £414bn
Over the last year income tax, capital gains tax and national insurance contributions (NICs) made up on average 56% of total receipts. Income tax receipts hit £163bn, up from the 2013-14 figure of £156.8bn and marks two years of a return to higher tax take from income tax since the 'great recession' when total income tax receipts stood at £153bn.
VAT and corporation tax are the next biggest contributors, accounting for £111bn and £42bn of total receipts respectively.
Recovery in the property market and the introduction of a higher rate of stamp duty land tax (SDLT) for residential properties over £2m, has resulted in a 16% increase in stamp taxes in 2014-15 to £10.73bn. This builds on the 2013-14 increase of 34% to £9.27bn. In addition, the first two years of reporting the annual tax on enveloped dwellings (ATED) has raised £216m.
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