November tax takings dip from October levels
Government November tax receipts drop off from takings in October
Total government receipts, including taxes, fell to £32.8bn in November from
£40.3bn in October as net borrowings climbed to £9.8bn, the highest level of
borrowing in November ever, according to the Office for National Statistics.
Tax revenues, which make up the bulk of the receipts, were down on October
takings, falling from £32.4bn to £24.8bn.
Although taxes on production, which include VAT receipts, climbed from
£13.9bn to £14bn, VAT takings themselves fell from £7.3bn in October to £7.2bn
Taxes on income and wealth fell from £17.7bn to £10.1bn as income and capital
gains tax dropped from £9.3bn to £9bn. Corporation and petroleum revenue tax
slipped from £8.4bn in October to £1.1bn in November, while revenues from other
taxes dropped from £694m to £639m.
Other revenues included receipts from interest, dividends and other receipts
which climbed from £1.1bn to £1.2bn, and compulsory social contributions, which
remained even at £6.7bn.