UK Tax Revenue Hits £788.8 Billion Fueled by Energy, Pandemic

The UK’s annual tax collections hit £788.8 billion ($1.006 trillion), 10.2% higher than last year, His Majesty’s Revenue and Customs finds in a Tuesday report.

Most of the year’s tax revenue came from income and capital gains taxes, accounting for 56% of annual tax receipts and totaling £442.7 billion. This includes employee earnings, self-assessed income, and national insurance contributions.

Value added taxes accounted for £159.7 billion of the revenue collected this year. That figure is a slight nudge down from last year’s comparative amount of £157.5 billion, which HMRC’s report said could be attributed to “potentially both ...