23 May 2024
Data published by HMRC has shown that total tax receipts for April 2024 are £75.4 billion, which is £4.2 billion higher than the same period in 2023.
The data revealed that overall cash receipts were higher mainly as a result of income tax, capital gains tax (CGT) and National Insurance Contributions (NICs). VAT cash receipts were lower by £0.3 billion.
HMRC found that income tax, CGT and NIC receipts for April 2024 totalled £44.4 billion - £3.5 billion higher than in 2023.
Meanwhile, VAT receipts for April 2024 are £17.7 billion. HMRC said that receipts in 2022 to 2023 may have been influenced by both high levels of inflation and subsequent changes in real consumer expenditure.
Inheritance tax (IHT) receipts hit £700 million in April, which is £85 million higher than the same time last year. Rising house prices, high asset values and the frozen IHT tax threshold mean that more estates are becoming liable to the charge.