Karl Bradley 11/07/2023
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Collecting Record Tax Receipts Through Property Taxation
The latest HM Revenue and Customs data reveal that the UK government raked in more money this year through stamp duty, income tax, and inheritance tax. Stamp duty collection increased by 0.7 billion more than the year before, touching 19.3 billion between April 2022 and March 2023. Inheritance tax earned the government 7.1 billion over the same period, 1 billion higher than the year before. The increase was boosted by rising asset values. And PAYE Income Tax and NIC1 receipts hit 378.2 billion. This is a massive increase of 40.2 billion more than the same period the year proceeding.
Financial analysts say that the tax burden of UK citizens will increase as a series of measures announced by the government earlier kicks in, including many cuts and freezes. The recent cuts to capital gains tax thresholds are expected to boost tax receipts in the future. While this may be good news for the government, the situation seems to be getting harder for investors.
The move by the government to change Capital Gains Tax rules will have far-reaching effects. It will see the annual exemption from the tax fall from 12,300 to 6,000 in 2023/24. It will drop further down to 3,000 in 2024/25. There are rumors that Chancellor Jeremy Hunt has a proposal to cut the 40 percent rate on inheritance tax above 325,000 ahead of the next general election.
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