Little change in HMRC's 2011/12 net income tax receipts
2nd May 2013 | News
According to new figures released by HM Revenue & Customs (HMRC), there has been very little change in the amount of tax raised over the last 12 months.
HMRC official figures indicate there was only a small change in net income tax receipts during 2011/12, which, at £146.2bn, were one per cent lower than in 2010/11. Of the final total, £20.3bn (14 per cent) was recouped from self-assessment returns.
The one per cent decline in net income from 2011/12 tax receipts has been attributed to lower receipts of self-assessment income tax. The inclusion of the new 50 per cent rate of income tax in 2010/11 had a significant effect on the behaviour of taxpayers. Those with an income above the additional threshold of £150,000 were forestalling.
The statistics show total net corporation tax (CT) receipts rose only slightly in 2011/12 to £42.2bn. Although receipts from North Sea oil increased, this rise was largely counterbalanced by a decrease in receipts for firms within the financial sector.
HMRC believes the industrial and commercial sector has experienced the highest number of CT receipts, on average accounting for almost two-thirds (61 per cent) of the total throughout 2011/12.
Since 2008/09, North Sea firms have overtaken the financial sector to become HMRC’s second biggest contributor – reflecting the general rise in oil prices since that period and the subsequent fall-out within the financial sector.
HMRC’s overall analysis of total CT liabilities increased by 16 per cent to £44.4bn in 2010/11 – the latest year for which figures are available.
CT liabilities from North Sea oil companies increased by 42 per cent to £7.7bn in 2010/11, due to the increase of oil prices from previous levels. Meanwhile liabilities from the industrial and commercial sectors increased 15 per cent to £28.8bn.