Four reasons why HMRC had a bumper year
By International Adviser, 17 Jul 17
Latest figures from the UK tax office show that it netted £29bn ($37.6bn, €32.9bn) in the past year just by cracking down on tax evaders, with overall tax coffers up 7% to £580bn in 2016/17. Here’s a breakdown of why HMRC is having a record year in revenues, according to its annual report.
HMRC said it has made a number of cost-savings in recent years, with the total cost of running the department in 2016 to 2017 at £46.2bn.
This consisted of £3.8bn in administrative costs and the remaining £42.4bn related to payments to including tax credits and child benefit.
The main items that make up its payments to taxpayers are tax credits and other reliefs (£30.5bn or 66%) and social benefits and grants (£11.7bn or 25%).
The tax office said it expect the cost for next year to increase as a consequence of Brexit.
Tags: HMRC
