TaxCorporate TaxBudget 08: Tax income to rise by £22bn

Budget 08: Tax income to rise by £22bn

Almost half of rise in tax receipts to come from national insurance

Government tax receipts will increase by £22bn in the year 2008-2009,
according figures put out by the Treasury in its Budget red book.

The biggest rise in receipts is expected from national insurance, predicted
to produce an extra £10bn for the Treasury because of an increase in the upper
earnings threshold.

Corporate tax receipts are expected to rise by £2bn and income tax by £3bn.
VAT is due to rise by £4bn.

Total government tax receipts for the current year should reach £575bn.

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