UK Government Tax Revenue

The tax that the UK government hopes to collect in tax year is roughly as follows:

Income Tax of £155 Billion
National Insurance of £106 Billion
VAT of £102 Billion
Others Revenue £84 Billion (Radio Spectrum Auctions, Oil Leases, Petroleum Tax, Road Tax, Stamp Duties, Capital Gains Tax etc…)
Excise Duties £48 Billion (Tobacco, Alcohol)
Corporation Tax £45 Billion
Business Rates £26 Billion
Council Tax £26 Billion

∑ (£155 + £106 + £102 + £84 + £48 + £45 + £26 + 26) billion

Equates to about £592 Billion.

Yet this is not enough, spending commitments (Pensions, NHS, Defence, etc etc) of over £700 Billion means, the UK Government need to borrow on the Bond Market via Gilt Auctions, a further £120 Billion a year.

1 thought on “UK Government Tax Revenue

  1. Mann Hans

    So all the fuss about spare room tax is small beer and would not even register here – loose change. That is definitely more for gaining support from the “hard working ” middle class rather than saving money. It will be useful to get a breakdown of the spend.

    Reply

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