The total corporation tax for July hit £7.5bn in July, boosted by the first receipts from the new bank surcharge, which totalled £343m, but the budget surplus currently stands at under £1bn, compared to £1.2bn in the same month last year
Government income exceeded spending by £977m, compared with £1.17bn a year ago, the Office for National Statistics (ONS) latest release shows. Receipts rose 3.4%, while spending was up 1.3%.
John Hawksworth, PwC chief economist, said: ‘For the four months to July, the cumulative budget deficit in this financial year is running around £3bn lower than in the same period last year, though the rate of deficit reduction has been slower than the OBR forecast back in March.
‘Overall, as with other official data released this week for retail sales and the unemployment claimant count, there is no real sign yet of a downturn in economic fortunes following the Brexit vote. But it will be some months before we get a clearer picture of this as it will take time for companies to adjust their investment and hiring plans to the new post-referendum environment.’
HMRC tax and National Insurance Contribution receipts data is here
