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Dec 22, 2022

Total tax take falls in November

Total tax take fell from £63.8bn in October to £58.5bn in November, according to figures from HMRC.

Income tax rose slightly in this period from £16.5bn to £16.9bn - £1.7bn higher compared to November 2021. This figure is likely to rise in the coming years while income tax thresholds are frozen until 2028.

Tax receipts from income tax, capital gains tax and National Insurance contributions (NICs) totalled £31.5bn in November.

The statistics also show that the total tax take for April 2022 to November 2022 hit £490.8bn, £44.9bn higher than in the same period a year earlier.

Receipts rose across the board during this time, with business taxes increasing by 23% to £45.6bn and stamp taxes rising by 19% to £2.2bn.

Meanwhile PAYE income tax and NIC receipts hit £251.4bn between April and November 2022, £31.8bn higher than 2021.

Rising house prices and allowance freezes saw the tax take for inheritance tax rise by 16% to £4.8bn in this period. According to HMRC, this spike can be attributed to a small number of higher-value payments than usual in June and November 2022.

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