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HMRC collected £469bn of taxes in 2012/13

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HMRC released its monthly report, HMRC Tax & NIC receipts, on 21 June, showing the amount of tax collected for 2012/13 and providing comparisons with prior years going back to 2001/02. According to the report, HMRC collected £469bn in taxes in 2012/13, with income tax, CGT and NIC (grouped together in the report) making up 54% of total receipts for 2012/13. VAT and corporation tax contribute 21% and 9% of total receipts respectively. Receipts from hydrocarbon oils made up 6%, stamp tax receipts contributed 2% – as did receipts from tobacco duties, and receipts from alcohol duties – and other taxes made up 4%.

The report also showed the amounts of tax collected each month, with £34.8bn of taxes having been collected for May 2013. Blick Rothenberg LLP, a London-based firm of chartered accountants, asserted that the figures in the report showed a reduction in the top rate of income tax appears to have increased the chancellor’s tax take.

Nimesh Shah, senior tax manager, said: ‘Income tax receipts for May 2013 [at £10.6bn] show an increase of around £500m from this time last year, despite the reduction in the top rate of tax to 45%, which took effect from 6 April 2013.’
Corporation tax receipts for May 2013 stood at £1.3bn, a small increase (of £55m) from the same period last year. However, Shah commented, for the last 12 months, corporation tax receipts were ‘significantly lower, around £2.5bn down.’ The reason for the reduction, Shah said, is likely to be due to the lower main rate of corporation tax.