UK Tax Receipts Rose 5.1% in Latest Year to £829.1 Billion

The UK collected £829.1 billion ($1.082 trillion) in taxes in the tax year 2023-24, up 5.1% from the previous year.

Receipts as a percentage of gross domestic product were 30.4% of GDP, the third straight yearly increase after a decline during the Covid-19 pandemic, HMRC said in a report published Wednesday.

• Receipts from income taxes, capital gains taxes, and national insurance contributions were £469.4 billion, higher than the preceding year, reflecting pay growth and the impact of maintaining the personal allowance and basic rate limit at their prior-year levels, HMRC said.
• Value-added tax receipts were £168.9 billion, also up ...