Tax receipts brim over HMRC coffers
Corporate tax and a surge in income bolstered tax receipts last month, resulting in a record £14.1bn surplus
The latest figures from the
Office
for National Statistics show that tax receipts were brimming over at the
public coffers in January, resulting in a record surplus since records began in
1993 of £17bn on the current budget as a result of a surge in corporation tax
payments and income, reflecting net lending of £14.1bn.
Net lending was up on £11.8bn in January 2007, and easily surpassed analysts’
forecasts for a surplus of £10.0bn last month, The Times reports.
Corporate tax payments and a surge in income soared 22% and 15%, respectively
on last year, despite the computer glitches which affected
HMRC online
self-assessment filing system at the end of last month. The statistics office
said the self-assessment tax intake was up about 25% on the same month last
year.
Although the surplus has raised hopes that the government could meet its
fiscal targets for the year, economists have warned that public finances are
likely to deteriorate in the coming months.
Further reading:
Company
tax receipts plummet by £576m
Record tax receipts boost Brown
Read story in The Times