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Tax receipts rise by 3.2%

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HMRC statistics issued last week show that tax receipts rose by 3.2% in the last year to just over £494bn. The statistics also showed that self-assessment tax receipts for July, typically the second highest monthly collection, were up by some £250m, or 3.8%, compared to July 2013.

Frank Nash, partner at London-based chartered accountancy firm Blick Rothenberg, said: ‘There have been increases in most of the main taxes, with SDLT and VAT being once again the stronger areas that show the economy is growing. [Tax from] self-assessment is up 4.7%, VAT is up by 7.4%, corporation tax is up 2.2% and SDLT is up 34.6%. Individual property transactions, on which SDLT is collected, are up 15.1%. SDLT receipts were just under £1.1bn for the month of July 2014. [However NIC and PAYE receipts for the quarter to 31 July 2014] are down by 2% and 1% respectively [compared to the same period in 2013]. These are likely to be seasonal changes as on an annual basis these receipts, mainly from long term employment, are growing by some 1.4%.’