Tax take rises 30% in five years, hitting motorsport businesses hard
HMRC collected £757bn in taxes in the year to 31 October 2022, up from £584bn in 2015/16, official figures show. After rising by 30% over the five year period, taxes are set to soar further following Chancellor Jeremy Hunt’s Autumn Statement last week. The Office for Budget Responsibility (OBR) estimates the tax burden is on course to hit its heaviest level since WWII with total government national account tax revenues expected to top £1tn in three years.
And despite these eye watering tax levels, the Government still spends more than it receives in taxes and has to borrow the difference (as it has done every year since 1997).