Data published by HMRC has revealed that its tax take rose by 10% to reach a record £786.6 billion between April 2022 and March 2023.
The figure is £71.1 billion higher than in the same period a year before, HMRC said.
The data showed that inheritance tax (IHT), capital gains tax (CGT) and income tax were three of the biggest contributors to the rise. In addition, VAT receipts for April 2022 to March 2023 totalled £159.5 billion – £2 billion higher than a year before.
HMRC’s data revealed that receipts from corporation tax, the Digital Services Tax (DST), the Petroleum Revenue Tax, the Bank Levy, the Bank Surcharge, Diverted Profits, the Residential Property Developer Tax and the Energy Profits Levy totalled £84.9 billion, which is £17.5 billion higher when compared to receipts from a year before.
Additionally, cash receipts from Air Passenger Duty (APD) are £2.2 billion higher.