The latest tax figures released by HMRC indicate a substantial uptick in Government revenue between April to September 2023.
Total HMRC receipts for this six-month span amounted to £392.5 billion, a significant increase of £23.1bn compared to the same period in the previous year.
Income tax, capital gains tax and National Insurance contributions collectively contributed an impressive £11.5bn to this rise. In addition, business taxes saw an increase of £7.7bn, while VAT added £6.8bn to the total receipts.
Inheritance tax rose by £3.9bn in the six months to September - a £400 million increase compared to the same period last year.
Notably, two categories demonstrated remarkable percentage gains. Air passenger duty recorded an impressive 25% increase, while business taxes rose by 22% in the first half of 2023/24.
However, not all areas experienced growth in receipts. Stamp taxes, tobacco and fuel duties saw declines in revenue, with stamp taxes and tobacco dropping by £3bn and £1.1bn respectively, and fuel duties decreasing by £0.3bn.
It is important to note that the cash receipts data for April 2023 is provisional and will be reconciled with the HMRC Annual Reports and Accounts (ARA) set to be published in the summer of 2024. The ARA presentation differs from cash receipts as it reports data on an accrued basis. Nonetheless, these figures paint a positive picture of the UK's fiscal health and government revenue performance during this period.
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