The UK’s value-added tax gap increased to £9.5 billion ($10.3 billion) during the 2023-2024 financial year, according to preliminary projections.
His Majesty’s Revenue and Customs also estimated its percentage of unclaimed theoretical VAT liability grew to 5.3% from 4.9% (£8.1 billion) in the 2022-2023 financial year, according to a report published by the office Wednesday.
The VAT gap measures the difference between what the tax office expects to receive in VAT revenues, or its theoretical liability, and how much it actually collects. The preliminary estimate did not include any reasons for the gap.
- The £9.5 billion gap ...
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