#corporation-tax

#corporation-tax

This is a dramatic increase in yield from tax investigations, with the biggest uptick being in what HMRC describe as "upstream operational yield", being what they consider to have been protected from non-compliance before it occurs.

"HMRC and the Treasury can toast the New Year thanks to record tax takings. The total tax receipts for the 12 months ending in November 2024 were up by £25bn compared to the same period to November 2023, and the total tax takings for the year are getting close to £850billion."

The recent surge in corporation tax receipts, particularly boosted by the €14.1bn Apple Tax award, positions it to potentially exceed income tax as the primary revenue source.