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HMRC publishes March tax figures

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HMRC has published the March 2015 figures for tax and NIC, showing an increase over the March 2014 figures in receipts for corporation tax (£1.93bn compared to £1.50bn, an increase of 28.6%), income tax (£13.45bn compared to £12.65bn, an increase of 6.4%), NIC (£9.57bn compared to £9.06bn, an increase of 5.6%) and VAT (£9.83bn compared to £9.24bn, an increase of 6.3%), but a decrease in receipts for stamp taxes including ATED (£0.97bn compared to £1.05bn, a decrease of 7.4%).

HMRC has also published the comparison for each of the five tax categories for the previous month, showing the February 2015 receipts for corporation tax as £1.62bn (an 18.7% increase between February and March), income tax as £15.63bn (a 13.9% decrease), NIC as £9.34bn (a 2.5% increase), VAT as £9.67bn (a 1.7% increase) and stamp taxes including ATED as £0.90bn (a 7.4% increase).

David Brookes, tax partner at BDO, said: ‘Tax receipts for March show a healthy increase over the same month last year, representing a real boost for the economy and a continued trend over the early months of the calendar year … To maintain this encouraging momentum the new government should encourage mid-sized businesses, companies with the largest growth potential, to grow through the number of people they employ and the level of goods and services they export.

The sharp fall in stamp tax receipts is … not wholly unexpected given that individuals will be holding off completing transactions until the outcome of the election is clear. [However] the steady increase in income tax and NIC receipts over the same month last year reflects the continued confidence in the economy and the continued positive movements in the employment figures. Of particular note is the fact that this increase is predominantly attributable to PAYE receipts and not from self-assessment. This indicates that there is an easing of wage stagnation which has been hanging over the economy for many years.’