HMRC TAX & NIC RECEIPTS

Transcription

1 KAI Data Policy and Coordination Coverage: United Kingdom Theme: The Economy Released: 21 st August 2015 Next Release: 22 nd September 2015 HMRC TAX & NIC RECEIPTS Monthly and annual historical record Frequency of release: Published monthly on the 15th working day except if it falls on a Monday, in which case publication would be on the 16th working day Media contact: HMRC Press Office (Individuals) (Business) Out-of-hours: Statistical contacts: Karen Mason Tel: karen.mason@hmrc.gsi.gov.uk Juliet Clarke Tel: Juliet.clarke@hmrc.gsi.gov.uk KAI Data, Policy & Coordination HM Revenue and Customs 100 Parliament Street London SW1A 2BQ Website: tions/hm-revenue-customs-receipts KAI Knowledge, Analysis & Intelligence 1

2 HM Revenue and Customs Tax and NICs receipts HM REVENUE AND CUSTOMS TAX AND NICS RECEIPTS...2 INTRODUCTION...3 HMRC tax receipts...3 Table 1 Contributions by tax to total HMRC receipts (%)...3 Figure 1 Total HMRC Receipts, Figure 2 Total HMRC Receipts, by category, METHODOLOGY AND DATA QUALITY...5 Methodology...5 Data quality...5 Payovers to the consolidated fund compared with total receipts...5 NATIONAL STATISTICS DATASET HM REVENUE AND CUSTOMS RECEIPTS...6 COMMENTARY ON RECEIPTS...7 INCOME TAX, CAPITAL GAINS TAX & NATIONAL INSURANCE CONTRIBUTIONS...8 Figure 3 Income Tax receipts, Figure 4 Income Tax receipts, VALUE ADDED TAX (VAT)...9 Figure 5 Value Added Tax receipts, Figure 6 Value Added Tax receipts, CORPORATION TAX, BANK LEVY & PETROLEUM REVENUE TAX RECEIPTS Figure 7 Corporation Tax receipts, Figure 8 Corporation Tax receipts, STAMP TAXES (INCLUDING ATED) Figure 9 Receipts from Stamp taxes, Figure 10 Receipts from Stamp taxes, HYDROCARBON OIL DUTY RECEIPTS Figure 11 Receipts from Hydrocarbon oils, Figure 12 Receipts from Hydrocarbon oils, TOBACCO DUTY RECEIPTS Figure 13 Tobacco Duty receipts, Figure 14 Tobacco Duty receipts, ALCOHOL DUTY RECEIPTS Figure 15 Alcohol Duty receipts, Figure 16 Alcohol Duty receipts, ENVIRONMENTAL RECEIPTS Figure 17 Receipts from Environmental taxes, Figure 18 Receipts from Environmental taxes, AIR PASSENGER DUTY RECEIPTS Figure 19 Air Passenger Duty receipts, Figure 20 Air Passenger Duty receipts, INHERITANCE TAX RECEIPTS Figure 19 Inheritance Tax receipts, Figure 20 Inheritance Tax receipts, PUBLICATION DATES

3 Introduction This bulletin only presents information on the taxes collected by HMRC. For complete coverage of all central government tax receipts (including business rates, Vehicle Excise Duty and Television licence) please refer to the Public Sector Finances publication from the Office for National Statistics 1. For complete coverage of all UK tax receipts, including those from local government, please refer to the Blue Book publication from the Office for National Statistics 2. HMRC tax receipts HMRC collected billion in taxes in The table below shows the total percentage contribution of each tax towards the total HMRC receipts per financial year. Over the last decade IT, CGT & NICs (Income tax, Capital Gains Tax and National Insurance Contributions) have made up on average 56 per cent of total receipts. VAT (Value Added Tax) and Corporation Tax (CT) are the next biggest, contributing an average 19 per cent and 10 per cent of total receipts respectively. Table 1 Contributions by tax to total HMRC receipts (%) Year IT, CGT, NICs & BPT VAT CT, BL & PRT Hydrocarbon oils Stamp Taxes Tobacco duties Alcohol duties Enviromental Other Total HMRC receipts ( m)* , , , , , , , , , , ,348 Average *Total HMRC Receipts figures have changed for this series following the changes generated by revisions to the European System of Accounts (ESA2010) and the Public Sector Finances Review: see page 5. Figure 1 shows annual revenue for total HMRC Receipts, and revenue as a percentage of GPD since In cash terms, receipts have grown fairly steadily over the period, but as a percentage of GDP there has been quite a degree of variation. From to the proportion fell from around 30.5% of GDP to around 25.5% of GDP. This was initially due to the economy growing faster than tax receipts and then a drop off in receipts after the economic slowdown of the early 1990s. There was then a sharp rebound to as the proportion rose back to around 30.5%. Since then they have mostly followed the economic cycle, though the recent upturn has been slower than previous recoveries. 1 See for example Table PSA6D, 2 See for example Table 11.1, 3

4 Figure 1 Total HMRC Receipts, Figure 2 shows a comparison between taxes since on: Consumption & environmental (including VAT, Fuel, Tobacco, Alcohol, Betting & Gaming, Air Passenger Duty, Insurance Premium Tax, Landfill Tax, Climate Change & Aggregates Levy) Personal income (Income Tax, National Insurance Contributions & Bank Payroll Tax) Business income and wealth (Corporation Tax, Bank Levy & Petroleum Revenue Tax) Capital & other receipts (Capital Gains Tax, Inheritance Tax, Stamp Taxes, Swiss Capital Tax, Customs duties and older taxes now abolished). Figure 2 Total HMRC Receipts, by category,

5 Methodology and Data Quality Methodology HMRC accounts form the basis of these statistics. For some revenue streams adjustments are made to the figures to ensure the definitions align with EuroStat requirements. Adjustments are made to the following taxes: Total HMRC Receipts Following the changes generated by revisions to the European System of Accounts (ESA2010) and the Public Sector Finances Review, there have been updates to the current and historical data series on Total HMRC Receipts and Payment of Entitlement. In particular, Tax Credits previously classed as negative (offset against liabilities) are now classed as Expenditure (spending). Prior to January publication, the Total HMRC Receipts published series was net of Child & Working Tax Credits and Corporation Tax Credits that were classed as negative tax receipts. The Child & Working Tax Credits negative element was removed for the series as of January and included as expenditure. Prior to the July publication, Corporation Tax Receipts were gross of Reduced Liability Tax credits (classed as expenditure). In this publication, we have applied the same changes to the Corporation Tax Receipts: the Payable Tax Credits (classed as negative) have been removed and included as expenditure. The change to the Total HMRC Receipts and Corporation Tax series is offset by the increase in Expenditure: an overall net change to the public finances of zero as shown in the table below. Annual totals for Corporation Tax Credits are now shown in the main table. Corporation Tax Receipts Old Methodology 29,488 28,459 34,099 42,355 44,875 47,036 43,927 36,628 43,040 43,130 40,484 40,327 42,084 New Methodology 29,708 28,841 34,557 42,881 45,442 47,689 44,777 37,451 43,959 44,109 41,514 41,380 43,005 Change ,030 1, Corporation Tax Credits Old Methodology ,112 New Methodology ,181-1,147-1,313-1,399-1,471-1,582-2,033 Change ,030-1, Overall Net Change National Insurance Contributions - adjustments are made to the accounts for amounts paid out in pension contributions and statutory sick/maternity/paternity pay recoveries. For all other taxes the definitions used in the accounts align with EuroStat requirements so no adjustments are necessary. Data quality The HMRC accounts, which are audited by the National Audit Office (NAO), form the basis of these statistics. The HMRC accounts are published on an accruals basis and differ from these, which are on a cash basis. At the end of each year the statistics are reviewed against the audited annual accounts and adjustments are made to bring the statistics in line with the cash based account. Payovers to the consolidated fund compared with total receipts The consolidated fund is essentially a general bank account for the Government. The total paid over to the consolidated fund is the value received by HMRC. Total receipts are the amount recorded on HMRC accounting systems. The two figures are different due to varying methods of payment and the speed at which HMRC systems are updated. Total HMRC Receipts includes all payments into the Consolidated Fund and all payovers of NICs including those of Northern Ireland. 5

6 National Statistics dataset HM Revenue and Customs receipts This dataset forms the basis of both the cash and accrued receipts in the public sector finances - Year Total Paid Over 1 Total HMRC receipts 2,3,9 Total Of which: Of which: Income PAYE SA Income Tax 4 Income Tax** Tax** Capital Gains Tax NICs VAT Total Corporation Tax 5 Of which offshore** 6 Bank Levy Bank payroll tax Petroleum Revenue Tax Fuel duties IHT 7 Shares Stamp Annual Tax Duty on Enveloped Land Tax Dw ellings Tobacco duties Spirits Beer duties duties Wines duties Cider duties Betting & Gaming Air Passenger Duty Insurance Premium Tax Landfill Tax Climate Aggregates Change Levy Levy MIZX BKMR LISB BKLO ABLP EYOO N445 JT2R ACCJ ACDD ACCH BKST BKSU ACDE ACDF ACDG ACDH ACDI ACDJ ACDP ACDO DOLC LSNS MDUP ADET Sw iss Misc Capital Tax Customs Duties Child and Working Tax Credits Corporation Tax Credits 10 Amounts: million Child Benefit Payments , ,180 93,910 2,122 56,354 56,779 34,322 1, ,515 2,047 3,711 3,184 5,683 1,804 2,813 1, , , , , , ,177 3,236 60,614 58,622 32,421 2,329 1,518 22,630 2,221 4,477 3,684 7,648 1,842 2,850 1, , , , , , ,994 91,937 15,281 3,034 63,168 61,026 32,041 3,515 1,310 21,916 2,355 2,852 4,132 7,754 1,919 2,899 1, , , , , , ,506 94,243 16,059 1,596 64,553 63,451 29,488 3, ,147 2,354 2,538 5,011 8,054 2,273 2,935 1, , , , , , , ,389 15,772 2,225 72,457 69,075 28,459 3,057 1,179 22,786 2,504 2,559 4,986 8,091 2,362 3,044 2, , , ,941 13, , , , , ,699 17,141 2,282 78,098 73,026 34,099 3,831 1,284 23,313 2,922 2,715 6,251 8,100 2,385 3,101 2, , , ,195 15, , , , , ,894 18,077 3,042 85,522 72,856 42,355 7,307 2,016 23,438 3,259 3,465 7,454 7,959 2,309 3,076 2, , , ,258 17, , , , , ,799 20,306 3,830 87,274 77,360 44,875 6,709 2,155 23,585 3,545 3,757 9,635 8,149 2,256 3,072 2, , , ,325 18, , , , , ,760 22,443 5, ,410 80,599 47,036 5,728 1,680 24,905 3,824 4,167 9,958 8,094 2,374 3,067 2, ,481 1,994 2, ,456 20, , , , , ,470 22,531 7,852 96,882 78,439 43,927 9,826 2,567 24,615 2,839 3,203 4,796 8,219 2,358 3,127 2, ,474 1,862 2, ,659 24,099 1,181 11, , , , ,584 21,708 2,491 95,517 70,160 36,628 4, ,197 2,384 3,017 4,886 8,813 2,570 3,182 2, ,439 1,856 2, ,646 27,601 1,147 11, , , , ,263 22,108 3,601 96,548 83,502 43,040 6,864 3,416 1,458 27,256 2,717 2,971 5,961 9,144 2,675 3,296 3, ,533 2,155 2,400 1, ,998 28,879 1,313 12, , , , ,189 20,334 4, ,617 98,292 43,130 8,840 1, ,032 26,800 2,903 2,794 6,125 9,551 2,889 3,463 3, ,633 2,607 2,941 1, ,912 29,830 1,399 12, , , , ,433 20,550 3, , ,572 40,484 4,393 1, ,737 26,571 3,105 2,234 6,907 9,681 2,931 3,426 3, ,680 2,791 3,021 1, ,854 29,888 1,471 12, , , , ,686 20,854 3, , ,718 40,327 3,556 2, ,118 26,881 3,402 3,108 9, ,531 3,056 3,346 3, ,098 3,013 3,014 1,189 1, ,901 29,710 1,582 11, , , , ,506 23,645 5, , ,363 43,005 2,073 2, ,156 3,804 2,926 10, ,548 3,023 3,310 3, ,116 3,175 2,965 1,144 1, ,007 29,732 2,033 11,582 Apr-12 44,065 46,867 14,148 14, ,798 10,232 4, , , ,378 n/a 943 May-12 30,304 33,410 10,166 10, ,335 8,363 1, , ,881 n/a 1,180 Jun-12 25,760 28,927 9,956 10, ,536 5,873 1, , ,401 n/a 949 Jul-12 46,840 50,799 17,464 11,290 6, ,699 10,058 6, , ,766 n/a 1,042 Aug-12 33,976 37,053 11,443 10, ,287 9,047 1, , , ,666 n/a 1,059 Sep-12 28,435 30,989 9,794 10, ,887 5,420 1,859 1, , ,220 n/a 987 Oct-12 41,068 44,042 11,030 10, ,259 10,248 7, , ,527 n/a 1,009 Nov-12 31,877 34,095 9,265 10, ,890 8,756 1, , ,418 n/a 996 Dec-12 30,413 33,088 10,596 10, ,876 5,803 2,881 1, , ,532 n/a 1,027 Jan-13 57,228 62,302 23,578 11,103 10,685 2,971 9,926 11,210 7, , , ,351 n/a 1,016 Feb-13 36,473 39,227 13,588 11,018 2, ,751 9,129 1, , ,302 n/a 895 Mar-13 30,918 32,981 11,002 11, ,793 6,434 1,351 1, , ,446 n/a 1,064 Apr-13 44,225 47,392 14,785 14, ,916 10,177 4, , , ,394 n/a 886 May-13 32,327 35,813 11,858 12, ,528 8,263 1, , ,655 n/a 1,003 Jun-13 29,133 32,422 10,309 10, ,783 6,505 1, , ,450 n/a 968 Jul-13 49,068 53,114 17,840 11,267 6, ,543 10,230 6, , ,932 n/a 989 Aug-13 35,214 36,969 10,947 10, ,254 9,192 1, , ,412 n/a 1,010 Sep-13 30,177 33,250 10,329 10, ,119 6,259 2,155 1, , ,348 n/a 861 Oct-13 42,906 45,812 10,931 10, ,495 11,546 7, , ,539 n/a 1,034 Nov-13 32,907 35,808 9,982 10, ,219 9,056 1, , ,275 n/a 943 Dec-13 31,092 34,243 10,679 10, ,375 5,756 3,124 1, , ,729 n/a 965 Jan-14 58,102 61,513 22,539 11,488 10,673 3,006 10,246 11,139 7, , , ,373 n/a 986 Feb-14 39,569 42,179 14,048 11,285 2, ,157 10,432 1, , ,286 n/a 883 Mar-14 31,778 35,130 12,650 12, ,056 6,162 1,587 1, , ,317 n/a 911 Apr-14 46,696 50,002 15,344 14, ,001 11,192 5, , , ,654 n/a 1,023 May-14 33,140 36,299 10,754 11, ,212 9,426 1, , ,453 n/a 980 Jun-14 29,219 32,757 10,467 10, ,376 6,347 1, , ,442 n/a 904 Jul-14 50,177 54,263 18,499 11,610 6, ,630 11,076 6, , , ,882 n/a 1,006 Aug-14 37,064 39,574 11,903 10,868 1, ,726 9,975 1, , ,286 n/a 1,007 Sep-14 30,805 33,643 10,647 10, ,768 5,834 2, , , ,410 n/a 919 Oct-14 43,878 46,850 11,511 10, ,750 11,238 7, , ,510 n/a 970 Nov-14 34,530 37,704 10,521 10, ,467 9,991 1, , ,209 n/a 937 Dec-14 33,760 36,656 11,310 10, ,849 6,601 3, , , ,748 n/a 974 Jan-15 62,656 67,005 24,671 11,876 12,213 4,258 10,563 12,155 8, , ,221 n/a 983 Feb-15 41,296 42,911 14,170 11,699 2,819 1,101 9,414 10,238 1, , ,263 n/a 898 Mar-15 34,546 37,684 13,311 13, ,652 7,291 1, , ,656 n/a 981 Apr-15* 48,300 51,498 15,968 15, ,436 10,898 6, , , ,436 n/a 967 May-15* 34,275 37,553 11,659 12, ,419 9,311 1, , ,300 n/a 1,004 Jun-15* 31,367 34,402 11,571 12, ,810 6,477 1, , ,498 n/a 954 Jul-15* 51,861 56,710 19,787 12,124 7, ,475 11,297 6, , , ,762 n/a 1,009 1 Comprises of payments into the Consolidated Fund and all payovers of NICs excluding those of Northern Ireland. 2 Total HMRC Receipts includes payments into the Consolidated Fund and all payovers of NICs including those of Northern Ireland. Receipts are gross of Tax Credits (Expenditure): this follow s the changes generated by revisions to the European System of Accounts (ESA2010) and the Public Sector Finances Review. 3 Consistent w ith the OBR defintiion published in the supplementary fiscal table 2.8 i.e. on a cash basis. 4 Gross of tax credits and includes other smaller elements of income tax. 5 From July 2015, the receipts dataset is published gross of all tax credits: see page 5 for further detail.as of November 2014 Bank Levy receipts are show n seperately and no longer included w ithin the CT total. 6 The majority of UK Oil & Gas companies payments are due in three instalments, (Jul, Oct and Jan): receipts are reported in a similar pattern follow ing each instalment. 7 Excludes non cash elements w hich are show n in the table Inheritance Tax: Analysis of Receipts 8 From April 2011, the Child Benefit series has been revised to ensure consistency w ith HMRC Resource Accounts. 9 Total of columns D, G to J, and L to AG 10 Monthly Data unavailable. * Provisional ** Figures in italic are included w ith the relevant total for either income tax or corporation tax There is an Excel version of this table also available on our website with historical data back to April

7 Commentary on Receipts The following pages include commentary for the main taxes on the total receipts over the last five years and as a proportion of nominal GDP and also the year to date receipts compared against the same period last year. GDP for is the most recent forecast from the Office for Budget Responsibility (OBR). Statistics and analysis of HMRC receipts disaggregated between England, Wales, Scotland and Northern Ireland can be found at Our publications have moved to the GOV.UK site where you can also find publications by other Government bodies. If you wish to see more statistics on your area of interest there are also links at the bottom of each page which will take you to that area on our website. Or if you wish to view all of HMRC taxes areas go to the main menu: Our publications are mainly used for media commentary, policy development and research. A recent survey was completed on our publications, which can be accessed via the link below. Archived tables can be found here: 7

8 Income Tax, Capital Gains Tax & National Insurance Contributions The graph below shows annual revenue and revenue as a percentage of GDP since Receipts in have continued to increase following the economic slowdown in In receipts as a proportion of the OBR s forecast GDP level was 15.4 per cent compared to 17.2 per cent in ; this fall can be mostly attributed to the reduction in economic activity and some structural changes such as above-inflation increases in the personal allowance. Revenues in also include Bank Payroll Tax receipts. Figure 3 Income Tax receipts, Monthly receipts in the current and four previous years are shown below. The peaks in July and January reflect the bi-annual due dates for self-assessment (SA) (31st Jan, 31st Jul). January to April typically also capture PAYE bonusrelated receipts, particularly from the financial sector. Receipts for April to July are 5.2 per cent higher when compared to the same period last year. The increase is mainly due to PAYE receipts largely attributable to higher earnings. Figure 4 Income Tax receipts, For more statistics about income tax receipts and liabilities (on an annual basis) click here to go to the income tax and personal incomes section of our website. 8

9 Value added tax (VAT) The graph below shows annual revenue and revenue as a percentage of GDP since Receipts are now at a peak of billion up from 70.2bn in The fall in and then the subsequent upturn can be explained by the reduction in the standard rate of VAT to 15 per cent in December 2008 then increasing to 17.5 per cent in January 2010, and to 20 per cent in January Receipts as a percentage of nominal GDP have increased from 4.9 per cent in to 6.4 per cent in reflecting changes in the VAT rate. In receipts as a proportion of the OBR s forecast GDP level rose to 6.1%. Figure 5 Value Added Tax receipts, Monthly receipts in the current and four previous years are shown below. Most VAT receipts are paid quarterly hence the large figures in particular months. Many traders opt to pay in April, July, October and January (stagger 1) as it corresponds with the end of the financial and calendar year. Receipts for April to July are 0.2 per cent lower than in the same period last year. Figure 6 Value Added Tax receipts, For more information on VAT receipts, click here to go to the indirect taxes section of our website. 9

10 Corporation Tax, Bank Levy & Petroleum Revenue Tax receipts The graph below shows annual revenue and revenue as a percentage of GDP since From the figures include Bank Levy receipts. CT receipts as a proportion of GDP have steadily declined since the mid-1980s. The dips in , and each reflect declining profits in economic slowdowns. For , growth in the home, industrial and commercial sector and the financial sector outweighed lower oil and gas receipts. Oil & gas revenues in were around a fifth of their level in Reductions in the main rate of CT have also affected receipts; the rate fell from 28% in to 26% in , 24% in , 23% in , 21% in and 20% in Bank Levy receipts grew in both and Figure 7 Corporation Tax receipts, The chart of monthly receipts (below) shows the peak months (Apr, Jul, Oct, Jan) are when the majority of large companies with calendar year and financial year accounting periods make their quarterly instalment payments. Small companies must pay their liabilities nine months and one day after the end of their accounting period. Receipts for the period April to July are 11.0 per cent higher than in the same period last year mainly due to higher onshore sector receipts. The increase in receipts is spread across the majority of onshore sectors. Industrial and Commercial receipts showed an increase on the previous year throughout much of and this has continued in with the final quarter instalment payments for accounting periods. Life sector receipts are also higher and could be linked to higher bond yields. Figure 8 Corporation Tax receipts, For more information, click here to go to our CT section on our website. 10

11 Stamp taxes (including ATED) Stamp tax receipts come from land, property and shares. The graph below shows annual revenue and revenue as a percentage of GDP since Receipts have grown sharply over time, mainly in line with the performance of the housing market. The decline from was due to the housing market slowdown. After relatively stable receipts between and there was a 34 per cent increase in cash revenue in and a further 16% increase in , mainly due to the introduction of a higher rate for residential properties over 2m, the increased number of transactions and higher property prices. The totals from onwards also include receipts from the Annual Tax on Enveloped Dwellings (ATED), which was introduced on 1 April Figure 9 Receipts from Stamp taxes, The chart below shows the monthly net receipts. The increased number of transactions and higher prices saw an increase in receipts from and this trend continued for much of however, receipts for April to July 2015 are 3.7 per cent lower than in the same period last year. This could be explained by the substantial policy changes from December 2014 and the devolution of SDLT in Scotland from April Figure 10 Receipts from Stamp taxes, For more information, click here to go to our Stamps taxes section on our website. 11

12 Hydrocarbon oil duty receipts The graph below shows annual revenue and revenue as a percentage of GDP since Receipts as a proportion of GDP grew throughout the 1990s but have steadily declined since then, though they have continued rising in cash terms. Figure 11 Receipts from Hydrocarbon oils, Monthly receipts are relatively flat throughout the year as shown below; the troughs in receipts at the beginning of each calendar year are likely to be a result of bad weather conditions. Receipts for April to July are 1.8 per cent higher than in the same period last year. Figure 12 Receipts from Hydrocarbon oils, For more information on road fuel receipts, click here to go to the indirect taxes section of our website. 12

13 Tobacco Duty receipts The graph below shows annual revenue and revenue as a percentage of GDP since Though nominal receipts have mostly increased over the period, as a proportion of GDP, receipts have been in continuous decline, in line with reduced consumption. The dip in was due to activity in the illicit and cross border tobacco sectors. Receipts have been relatively flat in recent years, with duty rate increases likely to be offset by the continuing long term decline in smoking and downtrading to cheaper tobacco products. Figure 13 Tobacco Duty receipts, In the graph below, the peaks are due to forestalling whereby a manufacturer will bulk release products for consumption prior to anticipated duty increases at Budget, often followed by a trough in the month or two afterwards. There can also be similar patterns of high clearances one month followed by low clearances the next month when manufacturers increase prices. Cigarettes are subject to anti-forestalling restrictions in advance of a Budget, as explained in HMRC Notice 85C. Receipts for April to July are 6.3 per cent lower than in the same period last year and can be explained by a change in forestalling behaviour from traders around the Budget. Figure 14 Tobacco Duty receipts, For more information on Tobacco receipts, click here to go to the indirect taxes section of our website. 13

14 Alcohol Duty receipts The graph below shows annual revenue and revenue as a percentage of GDP since Receipts continue to increase each year, although in the increase was smaller than in previous years. However, receipts as a percentage of GDP have slightly declined steadily since the 1980s, though they have remained stable in recent years, mainly due to duty rate increases, until 2013 when the beer duty escalator ended and 2014 when the escalators on wine, cider and spirits duty ended. Figure 15 Alcohol Duty receipts, The chart below highlights peaks in December receipts, as alcohol is being released for consumption during November in preparation for anticipated high sales over the Christmas period. There can also be forestalling around the time of a duty rate increase (traders will bulk release products for consumption prior to anticipated duty increases at Budget). Receipts for April to July are 2.9 per cent higher than in the same period last year. In 2014 there was less forestalling than in previous years as duty rates for beer were reduced at Budget 2014, those for spirits and cider frozen and the duty escalator for wine ended. As beer, cider and spirits duty rates were reduced at Budget 2015 with those for wine frozen, we also saw less forestalling in April and May receipts were affected by the unusual forestalling patterns. July receipts are higher than last year, possibly due to forestalling around the Summer Budget. Figure 16 Alcohol Duty receipts, For more information on Alcohol receipts, click here to go to the indirect taxes section of our website. 14

15 Environmental Receipts The graph below shows annual revenue and revenue as a percentage of GDP since Environmental receipts covers Landfill Tax (from ), Climate Change Levy (from ), Aggregates Levy (from ) and Carbon Price Floor (from ). Carbon Price Floor was introduced in April 2013 but payments were not received until July Receipts in and have risen mainly due to the Climate Change Levy and the Carbon Price Floor. Figure 17 Receipts from Environmental taxes, The chart of monthly receipts (below) shows the peak months (Apr, Jul, Oct, Jan) are when the majority of traders make their quarterly instalment payments. Receipts for April to July are15.1 per cent higher than in the same period last year largely due to receipts from Climate Change Levy and Carbon Price Floor which have steadily increased over the year. Figure 18 Receipts from Environmental taxes, For more information on Environmental receipts, click here to go to the indirect taxes section of our website. 15

16 Air Passenger Duty Receipts The graph below shows annual revenue and revenue as a percentage of GDP since the introduction of Air Passenger Duty in The sharp rises in receipts in , and from onwards have all been related to rate increases and banding changes. Receipts as a proportion of GDP have generally followed nominal receipts. Figure 19 Air Passenger Duty receipts, The chart below shows monthly receipts throughout the year. Receipts tend to rise in summer months and fall during winter, other than an upturn in January receipts, reflecting increased travel during December. Receipts for April to July are 0.3 per cent higher than in the same period last year. Figure 20 Air Passenger Duty receipts, For more information on APD receipts, click here to go to the indirect taxes section of our website. 16

17 Inheritance Tax Receipts The graph below shows annual revenue and revenue as a percentage of GDP since Receipts rose steadily until due to increases in the value of tax-liable assets in this period, particularly in the value of residential property. Receipts then fell sharply due to both the introduction of the Transferable Nil Rate Band for deaths occurring from October 2007 and a fall in the value of residential property in the second half of 2008 and in most of Since , receipts have steadily increased both in terms of annual revenue and as a proportion of GDP. Figure 19 Inheritance Tax receipts, The chart below shows monthly receipts throughout the year. Receipts for April to July are 27.3 per cent higher than in the same period last year. This is mainly due to increases in the values of assets left in estates over time. Figure 20 Inheritance Tax receipts, For more information on IHT receipts, click here to go to the indirect taxes section of our website. 17

18 Publication Dates Jan 20 Feb 20 Mar 23 Apr 22 May 19 Jun 21 July 21 Aug 22 Sep 21 Oct 20 Nov 22 Dec 22 Jan 19 Feb 22 Mar 21 Apr 24 May 21 Jun 21 Jul 19 Aug 21 Sep 21 Oct 22 Nov 21 Dec This is a National Statistics Publication National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs and are free from any political interference. For general enquiries about National Statistics contact the National Statistics Public Enquiry Service. You can also find National Statistics on the internet at Telephone: Overseas: +44 (1633) Minicom: info@statistics.gov.uk Fax: Letters: Customer Contact Centre, Room 1.015, Cardiff Road, Newport, NP10 8XG 18