Tax receipts totalled £75.4 billion in April, data shows - Article Milton Keynes & Wellingborough : Crouchers

Tax receipts totalled £75.4 billion in April, data shows

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.

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. 

acca

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