It’s that time of year when the Treasury coffers are full with taxes after the 31 January deadline for self-assessment– but where does all the money go?
The latest annual statement, issued last month from HMRC, shows that in 2017/18 the Government received £183bn in income tax and £133bn in national insurance contributions. Together they represented 40% of the total tax take of £754bn that year. Total public spending was £795bn, with the £41bn gap being the deficit.
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