Accredited official statistics

HMRC tax receipts and National Insurance contributions for the UK (annual bulletin)

Updated 23 April 2025

Released 23 April 2025. Next release due Summer 2025.

About this release

This release provides an annual record of receipts over the last 20 years from tax and duties, National Insurance contributions (NICs), and fines and penalties that HM Revenue and Customs (HMRC) are responsible for collecting. Receipts are on a cash basis and so represent when a payment for a tax liability is received by HMRC.

This release focuses on annual cash receipts and receipts as a proportion of Gross Domestic Product (GDP) and includes provisional cash receipts data for the latest tax year 2024 to 2025. Receipts for 2024 to 2025 are provisional until they are updated following the publication of the HMRC annual report and accounts due later this summer. To note that differences between these two publications occur as the latter presents data on an accrued basis.

The graphs in this release include annual receipts data (available in the statistics table for HMRC tax receipts and NICs for the UK) and receipts as a proportion of non-seasonally adjusted GDP (available in the publication GDP deflators at market prices, and money GDP March 2025 (Spring Statement and Quarterly National Accounts).

Receipts data in the more recent years are liable to revision, mainly for Corporation Tax as the totals are gross of provisional tax credits and due to the lag in return data becoming available, are subject to change and included in this release. National Insurance contributions (NICs), are also presented gross of provisional estimates for statutory payments and are subject to change.

Detail on methodology, quality and other information, useful websites and links are published in the quality report for HMRC tax receipts and National Insurance contributions for the UK.

Executive Summary

Total annual receipts in the tax year 2024 to 2025

HMRC collected £857.0 billion in taxes in 2024 to 2025, an increase of 3.4% from the year before.

During 2024 to 2025, receipts from Income Tax, Capital Gains Tax and NICs combined accounted for 57% of annual receipts. Over the last decade, Income Tax, Capital Gains Tax and NICs made up on average 56% of total annual receipts with VAT and business taxes the next largest contributors, contributing an average 21% and 10% of total receipts respectively.

Further data on annual contributions by tax in percentage terms, are published in the statistics table for HMRC tax receipts and NICs for the UK on GOV.UK.

Total annual receipts, and receipts as a proportion of GDP

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 1 below.

Figure 1. Annual receipts and receipts as a proportion of GDP

The data in figure 1 shows:

• annual receipts over the last 20 years have grown from £402.9 billion in 2005 to 2006, to £857.0 billion in 2024 to 2025
• receipts as a proportion of GDP over the last 20 years have grown from 28.4% in 2005 to 2006, to 29.8% in 2024 to 2025
• the slight fall in 2008 to 2010 was due to a period of economic slowdown
• receipts fell to £584.0 billion in 2020 to 2021, due to the economic impact of the COVID-19 pandemic and the subsequent government policies to support business and individuals

Income Tax, Capital Gains Tax and National Insurance contributions

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 2 below. Receipts for 2010 to 2011, through to, 2012 to 2013, include Bank Payroll Tax.

Figure 2. Annual receipts and receipts as a proportion of GDP

The data in figure 2 shows:

• annual receipts over the last 20 years have grown from £223.5 billion in 2005 to 2006, to £486.9 billion in 2024 to 2025
• receipts as a proportion of GDP over the last 20 years have grown from 15.8% in 2005 to 2006, to 16.9% in 2024 to 2025
• receipts as a proportion of GDP in the tax year 2019 to 2020 were 15.4% compared to 16.4% in 2007 to 2008 and this fall can be partly attributed to structural changes such as above-inflation increases in the personal allowance
• annual receipts fell slightly in 2009 to 2010 due to the economic slowdown
• the slight growth in annual receipts in 2020 to 2021, to £348.3 billion, is a smaller increase than in preceding years, and this is likely due to a combination of reduced economic activity leading to lower tax liabilities and deferral and non-payment of liabilities during the COVID-19 pandemic
• receipts in 2021 to 2022 then increased to £393.9 billion mainly due to strength in both employee earnings during that year along with some self-assessed income streams and asset disposals during 2020 to 2021, though also partly due to the deferred payments from the year before
• receipts in 2022 to 2023 are £442.7 billion (17.1% as a proportion of GDP), and this increase could be a combination of continued economic recovery following the pandemic, and increases to National Insurance rates which applied during some of the year
• receipts in 2023 to 2024 are £469.4 billion (17.1% as a proportion of GDP), higher than the preceding year despite reductions to NICs rates and an increase to the primary threshold for employee NICs, reflecting pay growth and the impact of maintaining the personal allowance and basic rate limit at their 2022 to 2023 levels
• receipts in 2024 to 2025 are £486.9 billion (16.9% as a proportion of GDP), a year-on-year increase, despite a reduced rate for employee NICs, reflecting pay growth and the continued ‘freeze’ of income tax thresholds

Value Added Tax (VAT)

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 3 below.

Figure 3. Annual receipts and receipts as a proportion of GDP

The data in figure 3 shows:

• annual receipts over the last 20 years have grown from £72.9 billion in 2005 to 2006, to £170.6 billion in 2024 to 2025
• receipts as a proportion of GDP over the last 20 years have grown from 5.1% in 2005 to 2006, to 5.9% in 2024 to 2025
• a rise in receipts, as a proportion of GDP from 4.5% in 2009 to 2010 to 5.9% in 2011 to 2012, reflects changes in the VAT rate
• annual receipts in 2020 to 2021 fell to £101.6 billion (from £129.9 billion the year before), and this fall can be attributed to the VAT payment deferment policy and the temporary reduced 5% rate for hospitality, holiday accommodation and attractions, alongside wider economic impacts of COVID-19
• receipts in 2022 to 2023 are £158.0 billion and the relatively small growth compared to the previous year could be attributed to potentially both high levels of inflation and subsequent changes in real consumer expenditure
• receipts in 2023 to 2024 are £168.4 billion with continued growth explained in part by higher levels of inflation and similar levels of consumer spending
• receipts in 2024 to 2025 are £170.6 billion and the relatively small growth compared to the previous year could be attributed a lower share of consumption on goods at the standard rate of VAT than was the case in 2023 to 2024

Business Taxes

This section includes Corporation Tax, Petroleum Revenue Tax, Bank Levy (from 2011 to 2012), Bank Surcharge (from 2016 to 2017), Diverted Profits Tax (from 2016 to 2017), Digital Services Tax (from 2021 to 2022), Energy Profits Levy (from 2022 to 2023), Economic Crime Levy and Electricity Generator Levy (from 2023 to 2024). Total receipts are gross of company tax credits and, due to the lag in return data becoming available, are subject to change.

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 4 below.

Figure 4. Annual receipts and receipts as a proportion of GDP

The data in figure 4 shows:

• annual receipts over the last 20 years have grown from £44.4 billion in 2005 to 2006, to £97.9 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have been relatively stable at 3.1% in 2005 to 2006 and 3.4% in 2024 to 2025
• the falls observed in 2008 to 2009 and 2009 to 2010 were the result of declining company profits during the global financial crisis
• receipts in 2019 to 2020 reached £65.6 billion (2.9% as a proportion of GDP), partly due to the introduction of a payment timing change for the largest companies which brought forward their quarterly instalment payments by four months, and had the effect of boosting receipts in this year
• receipts in 2020 to 2021, fell to £54.1 billion (2.6% as a proportion of GDP) mainly due to the economic impacts of the COVID-19 pandemic, alongside a reduction of the receipts boost from the payment timing change mentioned above
• receipts in 2022 to 2023 increased to £84.9 billion (3.3% as a proportion of GDP) partly due to higher offshore receipts, as a result of high energy prices following Russia’s invasion of Ukraine, and the new Energy Profits Levy
• receipts in 2023 to 2024 increased further to £94.0 billion (3.4% as a proportion of GDP) largely due to the increase in the main rate of Corporation tax from 19% to 25% in April 2023 alongside the new Electricity Generator Levy, partly offset by lower offshore receipts
• receipts in 2024 to 2025 are £97.9 billion (3.4% as a proportion of GDP) as the full effects of the Corporation tax rate increase feed through to payments

Stamp Taxes including Annual Tax on Enveloped Dwellings

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 5 below.

The data includes receipts from Annual Tax on Enveloped Dwellings from September 2013. The data excludes receipts for land transaction taxes devolved to Scotland from April 2016, and to Wales from April 2018.

Figure 5. Annual receipts and receipts as a proportion of GDP

The data in figure 5 shows:

• annual receipts over the last 20 years have grown from £10.9 billion in 2005 to 2006, to £18.3 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have fallen slightly from 0.8% in 2005 to 2006, to 0.6% in 2024 to 2025
• the year on year increases from 2013 to 2014 were mainly due to higher property prices and numbers of transactions, as well as major policy changes to the rates and thresholds for residential Stamp Duty Land Tax (this includes an increase in the tax rates for residential properties priced above £925,000, introduced in December 2014)
• growth in receipts continued in 2016 to 2017 and 2017 to 2018 due to the introduction of higher rates of Stamp Duty Land Tax on additional dwellings in April 2016
• the falls observed from 2018 to 2019 are due to a combination of market uncertainties and the introduction of First Time Buyers’ Relief, which came into effect in November 2017
• lower receipts in 2020 to 2021 are mainly due to a fall in property sales, market uncertainties surrounding the COVID-19 pandemic and the introduction of the temporary reduced rates for Stamp Duty Land Tax on residential properties
• receipts in 2021 to 2022 increased to £18.6 billion partly due to higher numbers of transactions completed before the end of the Stamp Duty Land Tax holiday which ended on the 30 June (residential nil-rate band of £500,000) and 30 September (residential nil-rate band of £250,000)
• receipts increased further to £19.3 billion in 2022 to 2023 due to a combination of increases in average property prices and the end of the Stamp Duty Land Tax holiday
• receipts in 2023 to 2024 decreased to £14.9 billion due to a combination of falls in the number of property transactions and increases to the nil rate tax band for residential properties and generosity of First Time Buyers’ Relief from September 2022
• 2024 to 2025 increased to £18.3 billion mainly driven by the increase to the higher rates of Stamp Duty Land Tax on additional dwellings on 31 October 2024 and increased transaction levels

Hydrocarbon Oil (fuel duty)

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 6 below.

Figure 6. Annual receipts and receipts as a proportion of GDP

The data in figure 6 shows:

• annual receipts over the last 20 years have grown from £23.4 billion in 2005 to 2006, to £24.7 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have fallen from 1.7% in 2005 to 2006, to 0.9% in 2024 to 2025
• receipts in 2019 to 2020 fell slightly to £27.6 billion (from 28.0 billion in 2018 to 2019) partly due to uncertainties surrounding the onset of the COVID-19 pandemic
• receipts in 2020 to 2021 were £20.9 billion due to the significant economic impacts of the pandemic and associated restrictions on travel
• receipts in 2022 to 2023 of £25.1 billion fell from £25.9 billion in 2021 to 2022, and this could be the net result of decreases in Unleaded petrol and Gas oil receipts being partially offset by increases in Bioethanol and Biodiesel receipts
• the slight fall in 2023 to 2024 and 2024 to 2025 annual receipts is primarily driven by a fall in diesel receipts due to a general move away from diesel towards alternative fueled vehicles, including electric and hybrid electric vehicles

Tobacco Duty

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 7 below.

Figure 7. Annual receipts and receipts as a proportion of GDP

The data in figure 7 shows:

• annual receipts over the last 20 years have fallen slightly from £8.0 billion in the tax year 2005 to 2006, to £7.9 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have fallen from 0.6% in 2005 to 2006, to 0.3% in 2024 to 2025
• receipts from 2008 to 2009 increased over the next few years to £9.7 billion in 2012 to 2013, mainly due to an increase in duty rates
• receipts in 2018 to 2019 increase slightly possibly due to changes in the timings of budget and trader behavior
• receipts in 2020 to 2021 increased to £10.0 billion, largely as a result of increases in duty rates
• receipts in 2022 to 2023 are £10.0 billion (a slight decrease from £10.3 billion in 2021 to 2022) and could be due to the unwinding of COVID-19 impacts such as the uplifting of travel restrictions which allowed for more opportunity to purchase off-duty cigarettes and the continued shift towards other tobacco products, which have lower duty rates
• the fall in 2023 to 2024 and 2024 to 2025 annual receipts aligns with governmental objectives to reduce uptake and use of tobacco products across the country as the duty tax was partly designed with this in mind

Alcohol Duty

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 8 below.

Figure 8. Annual receipts and receipts as a proportion of GDP

The data in figure 8 shows:

• annual receipts over the last 20 years have increased from £7.9 billion in 2005 to 2006, to £12.7 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have fallen from 0.6% in 2005 to 2006, to 0.4% in 2024 to 2025
• receipts as a proportion of GDP have remained relatively stable from 0.6% in 2005 to 2006, to 0.6% in 2021 to 2022, and over this same period, cash receipts has steadily grown, reaching a peak in 2021 to 2022 of £13.1 billion
• receipts in 2020 to 2021 increased to £12.1 billion, from £11.8 billion in 2019 to 2020 mainly due to an increase in spirits and wine duty receipts
• receipts in 2022 to 2023 fell to £12.4 billion from £13.1 billion in 2021 to 2022 and could be explained by the COVID impact unwinding where we previously saw an increase in off-trade consumption due to lockdown which increased duty receipts
• from 2023 to 2024, annual receipts have continued to show slight year on year growth

Environmental taxes

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 9 below.

Environmental taxes include receipts from Landfill Tax, Climate Change Levy, Aggregates Levy, Carbon Price Floor, from 2013 to 2014, and Plastic Packaging Tax from 2022 to 2023. The data excludes Landfill Tax receipts devolved to Scotland (from 2015 to 2016) and to Wales (from 2018 to 2019).

Figure 9. Annual receipts and receipts as a proportion of GDP

The data in figure 9 shows:

• annual receipts over the last 20 years have increased from £1.8 billion in 2005 to 2006, to £2.9 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have fallen slightly from 0.13% in 2005 to 2006, to 0.10% in 2024 to 2025
• as a proportion of GDP, overall environmental tax receipts remained relatively stable from 0.13 % in 2005 to 2006, to 0.13 % in 2022 to 2023 and over this same period, receipts gradually increased reaching a peak of £3.3 billion in 2022 to 2023
• the large increases observed in 2013 to 2015 are mainly due to an increase in Climate Change Levy receipts following the introduction of Carbon Price Floor
• the slightly fall in receipts from 2017 to 2020 (though remaining constant at around £3.0 billion) reflects a gradual increase in Climate Change Levy (and Carbon Price Floor) receipts, alongside a gradual decline in receipts from Landfill Tax as a result of operators moving away from landfill to other methods of dealing with waste
• receipts in 2020 to 2021 fell to £2.7 billion due to economic impacts of the COVID-19 pandemic but increased back up to £3.0 billion in 2021 to 2022
• receipts in 2022 to 2023 increased to £3.3 billion and can be explained by the introduction of the new Plastic Packaging Tax from April 2022
• receipts in in 2023 to 2024 have fallen to £2.9 billion (0.11% as a proportion of GDP) across almost all environmental taxes, partially driven by a decrease in Climate Change Levy receipts followed by a drop in Carbon Price Floor, Landfill Tax and Aggregates Levy
• receipts in 2024 to 2025 have remained broadly stable at £2.9 billion

Air Passenger Duty

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 10 below.

Figure 10. Annual receipts and receipts as a proportion of GDP

The data in figure 10 shows:

• annual receipts over the last 20 years have increased from £0.9 billion in 2005 to 2006, to £4.2 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have grown from 0.06% in 2005 to 2006, to 0.15% in 2024 to 2025
• the sharp increase observed in 2007 to 2008, the gradual increase from 2010 to 2011 onwards, and a decrease in 2015 to 2016 are all related to policy changes including rate, exemption and banding changes
• since 2016 to 2017, receipts have steadily risen possibly due to increased passenger travel, though receipts in 2019 to 2020 are broadly in line with the previous year
• receipts in 2020 to 2021 fell significantly to £0.6 billion reflecting the large impact on the aviation sector and a fall in passenger flights due to the COVID-19 pandemic
• receipts in 2021 to 2022 are £1.0 billion, remaining low due to travel restrictions in place at the time
• receipts in 2022 to 2023 are £3.2 billion (0.12% as a proportion of GDP), and this large increase compared to the previous year can be explained by the lifting of travel restrictions previously in place
• receipts in 2023 to 2024 are £3.8 billion (0.14% as a proportion of GDP), and have returned to and surpassed pre-pandemic levels which could be a sign of the industry’s continued growth
• receipts in 2024 to 2025 are £4.2 billion, again showing continued growth

Inheritance Tax

Annual receipts and receipts as a proportion of GDP since the tax year 2005 to 2006 are shown in Figure 11 below.

Figure 11. Annual receipts and receipts as a proportion of GDP

The data in figure 11 shows:

• annual receipts over the last 20 years have increased from £3.3 billion in 2005 to 2006, to £8.2 billion in 2024 to 2025
• annual receipts as a proportion of GDP over the last 20 years have been steady from 0.2% in 2005 to 2006, to 0.3% in 2024 to 2025
• the gradual increase in receipts from 2005 to 2008 is due to increases in the value of tax-liable assets in this period, particularly residential property
• due to both the introduction of the Transferable Nil Rate Band for deaths occurring from October 2007 and a fall in the value of most asset classes, receipts fell sharply in the second half of 2008 and in most of 2009
• the slight fall in receipts in 2019 to 2020 is most likely due to the introduction of the Residence Nil Rate Band threshold, which had been introduced in stages since 2017 to 2018
• receipts in 2019 to 2020 were also affected by the Ministry of Justice’s announcement of an increase in probate fees from April 2019 (subsequently cancelled) which caused some executors to bring forward their tax payments (into 2018 to 2019) to avoid the prospective higher fees
• receipts increased in 2020 to 2021 compared to the previous year (although remained slightly below 2018 to 2019 levels) partly due to the higher number of wealth transfers that took place during this tax year, itself the result of higher-than-usual deaths due to the effect of COVID-19 pandemic
• receipts in 2021 to 2022 increased to £6.1 billion, likely due to higher volumes of wealth transfers following recent liable deaths, rises in asset values and the government’s March 2021, Autumn 2022 and Autumn 2024 decisions to maintain the tax free thresholds at their 2020 to 2021 levels up to and including 2029 to 2030 (more information is available in the policy papers accompanying the Budget 2021 Finance Bill, the Autumn Finance Bill 2022, and the Autumn Finance Bill 2024)
• the continued growth in receipts since 2022 to 2023 is also likely due to a combination of the recent rises in asset values and the government’s decision to maintain the nil rate band thresholds at their 2020 to 2021 levels up to and including 2029 to 2030

Statistics on deaths in the UK are available from the Office for National Statistics, National Records Scotland and Northern Ireland Statistics and Research Agency websites.

Contacts

For any further information, queries or to provide feedback on this publication, please contact either K Mason or L Suckling at crosscuttingstatistics@hmrc.gov.uk.