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Tax take soars to £432.8bn

The total tax take for the first seven months of the fiscal year totalled £432.8bn - £41.5bn higher than the same period a year earlier.

Between April and October 2022, receipts for income tax, capital gains tax (CGT) and National Insurance contributions (NICs) increased by £28.1bn to £235.6bn compared to April and October 2021.

According to HMRC, the rise in income tax and NICs can be partly attributed to a 2.5% increase in the number of payrolled employees, as well as median monthly pay rising by 6.3%.

These figures will also have been affected by temporary increases to NIC rates earlier this year from the health and social care levy.

Meanwhile, business taxes saw a 23% rise, while stamp taxes climbed to £12.4bn. VAT receipts for April to October 2022 hit £93.1bn, which is £600m higher than the same period in 2021.

Inheritance tax has brought in £4.1bn so far this year, with the tax take for October alone hitting £580m - the highest monthly figure since June 2022.

HMRC notes that these statistics are provisional and may be subject to change:

"Our monthly statistics are reviewed, and minor adjustments made to bring them in line with the annual cash-based accounts."

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