UK Annual Tax Receipts Hit Record High with 9.9% Increase

HMRC has provisionally collected £786.6bn in taxes for 2022/23, an increase of 9.9% (£71.1bn) from the year before.

HMRC’s latest statistics show that cash receipts were higher mainly from income tax, capital gains tax and NICs (an additional £47bn), business taxes (£17.5bn) and VAT (£2bn).