Data published by HMRC has revealed that tax receipts for April 2022 to December 2022 total £553.2 billion – £48 billion higher when compared to the same period a year earlier.
The data revealed that December 2022 receipts are the highest on record, which HMRC said is partly due to the introduction of the Energy Profits Levy.
Cash receipts were higher from income tax, capital gains tax (CGT) and national insurance contributions (NICs) when compared to the previous year’s figures. Additionally, HMRC showed that in percentage terms, receipts were 19% higher from business taxes.
Air Passenger Duty (APD) cash receipts are higher by £1.8 billion, the data also revealed. Inheritance tax (IHT) receipts for between April 2022 and December 2022 are £5.3 billion – £0.7 billion higher than in the same period a year earlier.
VAT receipts total £116.7 billion, which is £21 million higher when compared to a year before.
The data can be viewed here.