6th October 2016
Total UK tax receipts (excluding North Sea oil and gas revenues) increased by 83% since 1999/00, reaching peak levels in 2015/16, according to figures by HMRC.
England’s estimated share rose from 86.1% to 86.7% in 2014/15. Wales’s share rose from 3.3% to 3.7% while Northern Ireland's share rose 2.1% to 2.3%.
- total income tax receipts increased by over 79% since 1999/00, reaching peak in 2015/16
- total national insurance contributions increased by 102%
- VAT receipts increased over 103%
- corporation tax (onshore) receipts rose around 33%
- SDLT receipts increased by 236%.
However, Scotland’s generated share of total tax receipts fell from 8.1 in 2014/15 to 7.7% in 2015/16.
Growth in tax receipts have been affected by low oil prices and decommissioning expenditure, alongside the devolution of stamp duty land tax (SDLT) and landfill tax.
Commenting on Scotland’s statistics, Secretary of State for Scotland David Mundell said:
“Scotland weathered a dramatic slump in oil revenues because we are part of a United Kingdom that has at its heart a system for pooling and sharing resources across the country as a whole.
“Today’s figures also show the importance of providing real support for the oil and gas industry.”
Talk to a member of our team about tax planning today.