HMRC

HMRC sees tax receipts and NICs rise £84.7bn

Released as a provisional monthly receipts data bulletin, the tax body revealed that cash receipts from VAT sat £46.7bn higher than last year

HMRC has reported that total tax receipts and NI contributions (NICs) for April 2021 to August 2021 across the UK hit £280.4bn, an £84.7bn rise when compared to the same period last year.

Released as a provisional monthly receipts data bulletin, the tax body revealed that cash receipts from VAT sat £46.7bn higher than last year.

HMRC attributed the rise “mainly due to the VAT payment deferment policy”, with receipts also “substantially higher” in percentage terms.

Cash receipts from income tax, capital gains tax, and NICs also jumped £25.2bn, while corporation tax, hydrocarbon oils, and stamp taxes climbed £4.3bn, £3bn, and £2.6bn respectively.

In percentage terms, stamp taxes receipts saw the largest year-on-year increase of 62%, while income tax, capital gains tax, and NICs climbed slowest at 19%.

Despite the spikes across the board, HMRC claimed that the comparisons against 2020 “are not representative” due to the period being “heavily impacted by the effects of the Covid-19 pandemic” mainly through delayed payments.

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