HMRC TAX & NIC RECEIPTS

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1 Coverage: United Kingdom HM Revenue and Customs KAI Data Policy and Coordination Theme: The Economy Released: 22 nd January 2014 Next Release: 21 st February 2014 Frequency of release: Monthly (15 th working day each month except if it falls on a Monday, in which case it would fall on the 16 th working day) HMRC TAX & NIC RECEIPTS Monthly and annual historical record Media contact: HMRC Press Office (Individuals) (Business) Out of hours: Statistical contacts: Karen Mason Tel: karen.mason@hmrc.gsi.gov.uk KAI Data, Policy & Coordination HM Revenue and Customs 100 Parliament Street London SW1A 2BQ Website: KAI Knowledge, Analysis & Intelligence

2 HM Revenue and Customs Tax and NICs receipts 1. Introduction 2. Methodology and Data Quality 3. National Statistics dataset 4. Commentary on Receipts 5. Future Publication Dates

3 Introduction HMRC collected 470bn in taxes in The table below show the total percentage contribution of each tax to the total HMRC receipts in the relevant year. Over the last decade IT, CGT & NICs (Income tax, Capital Gains Tax and National Insurance Contributions) have made up on average 55 per cent of total receipts. VAT (Value Added Tax) and Corporation Tax (CT) are the next biggest, contributing an average 19 per cent and 9 per cent of total receipts respectively. The proportion for total IT, CGT & NICs receipts account for around 54 per cent of total receipts in , the same as in following a peak in and of 58 per cent. VAT receipts peaked in at 21 percent and remained at that level in Receipts from CT and Hydrocarbon Oils have broadly remained steady over the last decade. Contribution by tax to total HMRC receipts (%) Year IT, CGT & NICs VAT Corporation Tax Hydrocarbon oils Stamp Taxes Tobacco duties Alcohol duties Other Total HMRC receipts ( m) , , , , , , , , , , , ,777 Average contribution

4 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: Income tax - negative tax credits, i.e. the amount of credit treated as a tax deductions, are deducted from figures obtained from the accounts. National Insurance Contributions - adjustments are made to the accounts for amounts paid out in pension contributions and statutory sick/maternity/paternity pay recoveries. Corporation tax - adjustments are made to include payable company tax credits. 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 payable tax credits, and all payments into the Consolidated Fund and all payovers of NICs including those of Northern Ireland.

5 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 - HM Revenue and Customs receipts Amounts: million Amounts: million 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 Tax Credits (Neg) NICs VAT Total Of which Corporation offshore 6 Tax 5 Bank payroll tax Petroleum Revenue Tax Fuel duties IHT 7 Shares Stamp Duty Land Tax Annual Tax on Tobacco Enveloped duties Dwellings Spirits Beer duties duties Wines duties Cider duties Betting & Gaming Air Passenger Duty Insurance Landfill Tax Premium Tax Climate Change Levy Aggregates Swiss Misc Levy Capital Tax Customs Duties Child and Working Tax Credits of which: Negative tax Of which: Payment of entitlement Child Benefit Payments 8 MIZX BKMR LISB BKLO MDYL ABLP EYOO ACCD JT2R ACCJ ACDD ACCH BKST BKSU ACDE ACDF ACDG ACDH ACDI ACDJ ACDP ACDO DOLC LSNS MDUP ADET MDYL MDYN ,803 93,910 79,187 14,432 2,122 56,354 56,779 34, ,515 2,047 3,711 3,184 5,684 1,804 2,813 1, , , , , ,177 88,950 15,273 3,236 60,614 58,622 32,421 1,517 22,623 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 1,310 21,916 2,357 2,852 4,132 7,754 1,919 2,899 1, , , , , , ,506 94,243 16,059 1,596 64,553 63,451 29, ,147 2,375 2,538 5,011 8,054 2,273 2,935 1, , , , , , , ,389 15,772 2,225-3,948 72,457 69,075 28,077 1,179 22,786 2,521 2,559 4,986 8,091 2,362 3,044 2, , , ,941 13,361 3,948 9,411 9, , , , ,699 17,141 2,282-4,373 78,098 73,026 33,641 1,284 23,313 2,929 2,715 6,251 8,100 2,385 3,101 2, , , ,195 15,896 4,373 11,523 9, , , , ,894 18,077 3,042-4,437 85,522 72,856 41,829 2,016 23,438 3,277 3,465 7,454 7,959 2,309 3,076 2, , , ,258 17,332 4,437 12,895 9, , , , ,799 20,306 3,830-4,402 87,274 77,360 44,308 6,709 2,155 23,585 3,558 3,757 9,635 8,149 2,256 3,072 2, , , ,325 18,684 4,402 14,282 10, , , , ,760 22,443 5,268-4, ,410 80,599 46,383 5,728 1,680 24,905 3,834 4,167 9,958 8,094 2,374 3,067 2, ,481 1,994 2, ,456 20,030 4,414 15,617 10, , , , ,470 22,531 7,852-5,586 96,882 78,439 43,077 9,826 2,567 24,615 2,848 3,203 4,796 8,219 2,358 3,127 2, ,474 1,862 2, ,659 24,098 5,586 18,513 11, , , , ,584 21,708 2,491-5,600 95,517 70,160 35,805 4, ,197 2,396 3,017 4,886 8,813 2,570 3,182 2, ,439 1,856 2, ,646 27,601 5,600 22,001 11, , , , ,263 22,108 3,601-5,542 96,548 83,502 42,121 6,864 3,416 1,458 27,256 2,723 2,971 5,961 9,144 2,675 3,296 3, ,533 2,155 2,400 1, ,998 28,879 5,542 23,338 12, , , , ,189 20,334 4,337-4, ,617 98,292 43,763 9, ,032 26,800 2,913 2,794 6,125 9,551 2,889 3,463 3, ,633 2,607 2,941 1, ,912 29,830 4,712 25,118 12, , , , ,433 20,550 3,927-2, , ,572 41,047 4, ,737 26,571 3,119 2,234 6,907 9,681 2,931 3,426 3, ,680 2,791 3,021 1, ,854 29,888 2,984 26,904 12,167 Apr-10 43,631 45,749 15,679 15, ,285 9,465 5, , , , , May-10 26,282 28,254 9,905 10, ,450 5, , , ,826 1,012 Jun-10 24,786 27,265 10,126 10, ,135 4,957 1, , , ,084 1,014 Jul-10 45,103 48,490 16,960 10,931 5, ,499 8,447 8, , , , ,180 1,052 Aug-10 35,405 36,618 11,534 10,060 1, ,897 7,527 1,069-3, , , ,933 1,093 Sep-10 27,061 29,821 10,286 10, ,554 4,591 1,710 2, , , ,937 1,024 Oct-10 40,076 41,955 10,644 10, ,542 8,689 9, , , , , Nov-10 29,608 31,669 9,395 10, ,595 7,623 1, , , , Dec-10 27,335 30,148 10,204 10, ,510 5,000 2,289 2, , , ,181 1,061 Jan-11 52,321 56,309 21,996 10,873 10,860 2, ,101 8,803 8, , , , , Feb-11 38,809 39,198 14,867 11,499 3, ,832 8,384 1, , , , Mar-11 29,163 31,682 11,894 12, ,148 4,551 1,396 2, , , ,045 1,082 Apr-11 44,592 46,148 13,440 13, ,916 10,608 5, , , , ,024 1,075 May-11 29,847 32,640 10,570 10, ,990 7,999 1, , , ,043 1,037 Jun-11 25,047 27,749 10,426 10, ,377 5, , , , Jul-11 47,037 50,789 17,069 11,238 5, ,484 9,960 8, , , ,229 1,040 Aug-11 34,904 36,633 12,220 10,803 1, ,476 8,552 1, , , ,175 1,038 Sep-11 28,561 30,674 9,545 10, ,901 5,470 1,761 3, , , , Oct-11 42,782 44,470 10,224 10, ,017 10,560 9, , , , Nov-11 32,548 35,635 10,671 10, ,983 9,465 1, , , , ,064 1,058 Dec-11 28,818 31,699 10,540 10, ,808 5,381 2,786 2, , , ,238 1,155 Jan-12 56,559 60,168 21,929 11,112 10,184 3, ,693 10,343 9, , , , Feb-12 37,279 38,168 13,112 11,291 2, ,000 8,796 1, , , , Mar-12 29,620 31,860 11,192 11, ,972 5, , , , ,158 1,040 Apr-12 44,065 46,549 14,148 14, ,798 10,232 5, , , , , May-12 30,304 33,041 10,166 10, ,335 8,363 1, , , ,598 1,180 Jun-12 25,760 28,595 9,956 10, ,536 5,873 1, , , , Jul-12 46,840 50,429 17,464 11,290 6, ,699 10,058 7, , , ,481 1,042 Aug-12 33,976 36,699 11,443 10, ,287 9,047 1, , , , ,397 1,059 Sep-12 28,435 30,682 9,794 10, ,887 5,420 1,774 1, , , , Oct-12 41,068 43,706 11,030 10, ,259 10,248 8, , , ,276 1,009 Nov-12 31,900 33,771 9,265 10, ,890 8,756 1, , , , Dec-12 30,404 32,753 10,596 10, ,876 5,803 2,795 1, , , ,282 1,027 Jan-13 57,229 61,983 23,578 11,103 10,685 2, ,926 11,210 8, , , , ,117 1,016 Feb-13 36,473 38,912 13,588 11,018 2, ,751 9,129 1, , , , Mar-13 30,918 32,656 11,002 11, ,793 6,434 1,265 1, , , ,205 1,064 Apr-13* 44,262 46,998 14,804 14, ,798 10,177 5, , , , , May-13* 32,327 35,702 11,501 11, ,030 8,263 1, , , ,419 1,003 Jun-13* 29,133 31,904 10,434 10, ,447 6,505 1, , , , Jul-13* 49,066 52,730 18,154 11,512 6, ,197 10,254 7, , , , Aug-13* 35,213 36,758 11,132 10, ,157 9,192 1, , , ,196 1,010 Sep-13* 30,177 33,074 10,494 10, ,069 6,259 2,068 1, , , , Oct-13* 42,906 45,696 11,242 10, ,396 11,553 7, , , ,313 1,034 Nov-13* 32,906 35,636 10,276 10, ,037 9,056 1, , , , Dec-13* 31,091 33,888 10,866 10, ,170 5,756 3,037 1, , , , Comprises of payments into the Consolidated Fund and all payovers of NICs excluding those of Northern Ireland. Updated January Total HMRC Receipts includes payable tax credits, and all payments into the Consolidated Fund and all payovers of NICs including those of Northern Ireland. 3 Consistent with the OBR defintiion published in the supplementary table 2.8 i.e. on a cash basis. 4 Income tax excludes capital gains tax and is gross of any tax credits treated as tax deductions (negative). Also includes other smaller elements of income tax. 5 Gross of tax credits that offset tax liabilities and includes Bank Levy. See table 11.1a for an annual Bank Levy total (due to be updated on the 10th August). 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 following each instalment. 7 Includes non cash receipts 8 From April 2011, the Child Benefit series has been revised to ensure consistency with HMRC Resource Accounts. 9 Total of columns D, G to K, and M to AE * Provisional There is an excel version of this table also available on our website

6 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. For your area of interest, select and click on any of the links below. Income tax (IT), Capital gains tax (CGT) & National insurance contributions (NICs) Value added tax (VAT) Corporation tax (CT) receipts Stamp tax receipts Hydrocarbon oil tax receipts Tobacco tax receipts Alcohol tax receipts 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, click here to 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 data can be found here:

7 Income tax (IT), Capital gains tax (CGT) & National insurance contributions (NICs) The graph below shows IT, CGT & NICs cash revenue and the percentage of GDP over the last 5 years. Receipts in are slightly higher than in The fall in was due to the economic slowdown with receipts falling by 6 per cent. Receipts as a proportion of GDP stood at 16.4 per cent in compared to 17.8 per cent in , this fall can be mostly attributed to the reduction in economic activity. bn 30 IT, CGT & NIC Receipts Cash Revenue Percentage of GDP % Monthly receipts in the current and four previous years are shown below. The peaks in July and January reflect the Biannual due dates for self-assessment (31st Jan, 31st Jul). The slightly higher months (Jan to Apr) reflect PAYE bonus related receipts, particularly from the financial sector. Receipts for April to December 2013 are 5.1 per cent higher when compared to the same period last year. This is due to a combination of higher PAYE IT & NIC1 receipts and, to a lesser extent, lower repayments. Receipts were also boosted by a decline in personal pension rebates, which were abolished from m 37,500 35,000 32,500 30,000 27,500 25,000 22,500 20,000 17,500 IT, CGT & NICs year on year comparison ,000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 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 Value added tax (VAT) The graph below shows VAT cash revenue and the percentage of GDP over the last 5 years. 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 5 per cent in to 6.5 per cent in reflecting changes in the VAT rate. bn 12 VAT Receipts Cash Revenue Percentage of GDP % 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. This includes traders from the oil, gas and mining sector, so stagger 1 receipts will be exaggerated when the oil price is high. Receipts for April to December 2013 are 4.4 per cent higher than last year, due in particular to higher receipts in September and October. m 12,000 11,000 VAT Receipts year on year comparison ,000 9,000 8,000 7,000 6,000 5,000 4,000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information on VAT receipts, click here to go to the indirect taxes section of our website.

9 Corporation tax (CT) and Bank Levy receipts The graph below shows CT cash revenue and the proportion of GDP over the last 5 years. From onwards the CT figures include Bank Levy receipts. Prior to this and considering CT alone, receipts fell in reflecting a decline in company profits resulting from the economic slowdown, particularly in the financial sector. Receipts then increased in , remained stable in and then saw a decrease in The growth in financial sector receipts in was reversed in , partly due to worsening economic conditions in the Eurozone, among other factors. Revenues from the UK Oil & Gas sector increased in due to higher oil prices and an increase in the supplementary charge to 32%, but have fallen in mainly due to lower production. The main rate of CT fell from 28% in to 26% in , 24% in and 23% in , which will have some effect on CT receipts. bn CT Receipts Cash Revenue Percentage of GDP % The chart of monthly CT and BL 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 April to December 2013 are 1.3 per cent higher than in last year. m 10,000 CT and BL Receipts year on year comparison ,000 6,000 4,000 2,000 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information, click here to go to our CT section on our website.

10 Stamp taxes (including ATED) Stamp tax receipts come from land, property and shares. The graph below shows stamp tax receipts and the percentage of GDP over the last 5 years. Receipts in remained broadly level from , compared to an increase of 13 per cent the previous year ( ) which can be attributed to higher prices and volumes of commercial and residential property and a recovery in equity prices. The increase in is largely due to the introduction of the new 7 per cent rate on residential property transactions worth over 2 million. bn Stamps Receipts Cash Revenue Percentage of GDP % The chart below shows the monthly net receipts. Receipts for April to December 2013 are 34.6 per cent higher than last year. Receipts on land and property are 31.8 per cent higher mainly due to the introduction of the 7 per cent rate on residential property transactions worth over 2 million. There has also been a rise in transaction volumes for both residential and commercial properties. Receipts from shares are 38.0 per cent higher than last year, partly due to an unusually high repayment last year, and partly due to increases in volumes and prices over the year. The total also includes receipts from Annual Tax on Enveloped Dwellings, which was introduced on 1 April m 1,250 Stamps Receipts year on year comparison , Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information, click here to go to our Stamps taxes section on our website.

11 Hydrocarbon oil duty receipts The graph below shows hydrocarbon oil cash revenue and the percentage of GDP over the last 5 years. Receipts decreased by 2 per cent between and , compared to an annual increase of 4 per cent in the previous year. There was a reduction in receipts during , largely due to higher pump prices. In receipts increased largely due to duty rate increases and a reduction in pump prices earlier in the period leading to increased consumption. This was followed by higher pump prices again in , which led to the observed decrease in receipts. Over the past decade there has been a downward trend in petrol consumption and upward trend in diesel consumption driven by diesel s relative fuel efficiency and improvement in diesel cars. Receipts continued to decrease in by 0.9 per cent. Hydrocarbon Oil Receipts Cash Revenue Percentage of GDP bn 3 % 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 December 2013 are 0.6 per cent higher than last year. m 2,500 Hydrocarbon Oil Receipts year on year comparison ,250 2,000 1,750 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information on road fuel receipts, click here to go to the indirect taxes section of our website.

12 Tobacco duty receipts The graph below shows tobacco receipts and the percentage of GDP over the last 5 years, with receipts showing a continued increase. Duty rate rises are likely to have contributed to the increase in both and receipts. A decrease in exchange rates might have also played a part as UK duty paid tobacco becomes relatively more favourable compared to cross-border shopped tobacco, as well as duty rate rises. bn 1 Tobacco Receipts Cash Revenue Percentage of GDP % 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 December 2013 are lower than last year by 2.0 per cent. m Tobacco Receipts year on year comparison 2, ,500 1, Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information on Tobacco receipts, click here to go to the indirect taxes section of our website.

13 Alcohol duty receipts The graph below shows alcohol receipts and the percentage of GDP over the last 5 years. Receipts continue to increase in by 1.8 per cent following a larger increase of 6.8 per cent in from , which can partly be attributed to duty rate rises in March 2011 and March In receipts increased by 4.3%, and by 6.4% the year before. Again, duty rate changes explain part of the reason for the increase. bn 12.0 Alcohol Receipts Cash Revenue Percentage of GDP % The chart below highlights peaks in December receipts, suggesting that 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 December 2013 are 1.7 per cent higher than last year. m 1,250 Alcohol Receipts year on year comparison , Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar For more information on Alcohol receipts, click here to go to the indirect taxes section of our website.

14 Future Publication Dates HM Revenue and Customs Tax and NICs receipts Jan 21 Feb 21 Mar 23 Apr 21 May 20 Jun 22 July 21 Aug 19 Sep 21 Oct 21 Nov 19 Dec 21 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

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