18.09.2019. UK collects record £191bn in income tax

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For financial year in 2018/19 is received record amount, paid an extra £11bn.

Income tax receipts have soared to a record £191bn, according to figures published, a 6% increase from the previous year.

An estimated £31.5bn of this comes from self-assessment income tax receipts, which were almost 12% higher than in 2017-18.

This large jump was partly driven by changes in dividend taxation rules, informed HMRC.

The money owed by people who missed the tax payment deadline of 31 January has been rising for the past three years — up from £1.76bn in 2015/16 and £1.65bn the year before.

The figures also showed that increased scrutiny of tax avoidance schemes brought in £2.7bn of extra tax receipts for HMRC in 2018/19 – up 46% from £1.8bn in 2017/18 — including the revenue gained from investigating disguised remuneration schemes.

Tax avoidance schemes under investigation include film partnerships by some high net worth individuals, who invested in films to reduce their tax burden.