Tax take hits record £786.6bn The tax burden hit a record £786.6bn last year, with data from HMRC showing that the tax take rose by 9.9% year-on-year in 2022/23. Receipts from inheritance tax hit a record £7.1bn, having climbed by £1bn. Official forecasts suggest that the 40% IHT will earn the Treasury £38bn over the next five years, with the annual tax take expected to reach £8.4bn by 2027/28. Revenue from income tax and National Insurance increased by £40.2bn to £378.2bn, with wage inflation pushing more people into higher tax bands. Income tax alone accounted for £246.8bn of the total. Capital gains tax receipts rose to £18bn from £15bn in 2021/22, while stamp duty receipts rose by £700m to hit £19.3bn. Overall tax revenue as a proportion of GDP hit 31.4% in 2022/23 compared to 27.3% two decades ago. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “There’s no getting away from the fact our tax burden is growing as a series of threshold freezes and cuts kick in." She added: “We’ve seen receipts for taxes such as inheritance tax, income tax and National Insurance on the rise and recent cuts to capital gains tax thresholds will further boost future receipts.” Former Business Secretary Jacob Rees-Mogg commented: “Taxes are higher than they need to be, stifling growth because of incompetent forecasters,” while ex-Cabinet Minister John Redwood said: “We cannot afford not to cut taxes."