Aug 5, 2024 | Personal Tax
In the last tax year, only 369,000 taxpayers paid capital gains tax (CGT), a decrease of 40,000 from the previous year. This resulted in a £2.5bn drop in revenue, down to £14.4bn. Despite the overall reduction, CGT from residential property sales rose to £1.6bn....
Jul 30, 2024 | Personal Tax
Income tax and National Insurance contributions (NICs) have continued to rise, even as NIC rates were cut earlier this year. From April to June 2024, PAYE income tax and NICs generated £195.1 billion, an increase of £4.7bn from the same period in 2023. This growth...
Jul 16, 2024 | Personal Tax
More than half a million taxpayers are now caught in a 60% tax trap, a figure that has increased by nearly a quarter over the past year due to frozen thresholds. In the 2022/23 tax year, 537,000 taxpayers paid 60% tax on a portion of their income, a 23% increase from...
Jun 28, 2024 | Personal Tax
The number of additional rate taxpayers will surpass one million for the first time as tax thresholds remain frozen. Since the tax thresholds were frozen in 2021, HMRC is predicted to collect £63.2 billion in income tax this year, bringing the total to £272.6bn, which...
Jun 25, 2024 | Personal Tax
Since April, £77.2 billion has been raised from income tax and National Insurance (NI), £2.8bn more than the same period last year. In May alone, PAYE income tax reached £20.6bn, nearly £1bn more than in May 2023. However, NI contributions have dropped by £1.3bn...
