Increased income tax revenues and a substantial rise in Stamp Duty Land Tax (SDLT) receipts have pushed up HMRC’s overall tax take in the last twelve months, which is now £21bn higher than the previous year
Analysis by Blick Rothenberg showed a 3.15% increase in PAYE receipts and 4.8% increase in National Insurance takings over the same period, while PAYE and NIC figures are up by just over £9bn in the past twelve months.
Frank Nash, partner at Blick Rothenberg, said: ‘The latest HMRC tax statistics showed an extraordinary rise in NIC and SDLT revenues, which in the last quarter alone were £680m more (41% higher) than that of the same three month period in 2013.’
Nash points to a change in the amount collected from the the Annual Tax on Enveloped Dwellings (ATED). The figures show this brought in £100m for HMRC for 2013/14, a third more than the expected figure of £75m. However, initial figures for April collections so far show only £40m collected for the 2014/15 charge which was due by the end of that month.
‘This will indicate either that residential properties are being removed from companies, which is what HMRC wants, or that further ATED charges have not yet been collected,’ Nash said.