Total tax receipts hit £368.9 billion in April to September 2022 - £35 billion higher than the same period last year.

Receipts for income tax, capital gains tax and National Insurance contributions (NICs) soared to £204.6bn in the first six months of the year, an increase of 13% (£24.2bn) compared to the year before.

This was primarily affected by a temporary 1.25% increase in NI rates, along with a further 803,000 people joining the workforce.

VAT tax takes in the same period rose by £0.9bn to £76.2bn compared to the previous year. Meanwhile, inheritance tax receipts rose to £3.5bn, and stamp duty taxes hit £2.2bn.

However, tax bills for both employers and employees may decrease next period due to the Government scrapping the 1.25% NI rate increase..

Speaking on the likely effects on business, HMRC said:

"Businesses who currently have NICs liabilities will pay less, allowing them greater scope to invest in their businesses and supporting the overall growth of the economy.

"The average savings for businesses will be £9,600 for the 2023 to 2024 tax year."

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