HRMC collected £100bn more in tax

Recently released data from HMRC shows that between April and October 2021 HMRC collected a total of £392bn in taxes which is £99.8bn higher than the same period in 2020

The total tax receipts collected for income tax, capital gains tax and national insurance contributions (NICs), and apprenticeship levy sat at £210.4bn, which is £31.1bn higher than in the same period a year earlier.

Receipts from PAYE income tax and national insurance contributions (NICs) came to £192.4bn which is £20.5bn more than last year. HRMC stated that the number of paid employees increased by 3.6% which is a rise of one million employees while median monthly pay increased by 5.2% from the same period last year. This represents the sixth month of year-on-year growth in paid employees since March 2020.

The tax receipts from self-assessment income tax and NICs were £7.7bn higher than last year at £14.8bn, however, HMRC stated that comparisons are not representative due to the deferred payments from July 2020 to January 2021.

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