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HMRC reports a rise of £19.1bn collected over last year.
HMRC raised £536.8bn of tax revenues in 2015-16 an increase of £19.1bn (3.7%) on 2014-15 according to the department’s annual report and accounts for 2015-16. It paid £40bn in benefits and credits – about one-fifth of the government’s total benefit expenditure.
The increased amount arose from greater amounts of income tax and National Insurance which increased by £10.3bn (3.8%) corporation tax which increased by £4.1bn (9.9%) and VAT which increased by £2.1bn (1.8%).
HMRC also collected more capital gains tax and insurance premium tax. These increased by 28.1% to £7.3bn and 27.6% to £3.7bn respectively.
The annual cost of running HMRC was £3.2bn in 2015-16 (£3.1bn in 2014-15).
The department’s estimate of compliance yield in the year was £26.6bn against a target of £26.3bn. This figure draws on different measures of revenue generated or losses prevented all of which involve a degree...
