How much tax revenue does the UK collect, and where is it spent? - London Business News | Londonlovesbusiness.com
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from London Business News | Londonlovesbusiness.com4 months ago
The UK government manages over 1 trillion pounds annually, relying heavily on income tax, VAT, and national insurance for its revenue sources.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/how-much-tax-revenue-does-the-uk-collect-and-where-is-it-spent/
The projected income from income tax for 2024/2025 is approximately 303 billion pounds, expected to increase after 2028 due to freezing thresholds.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/how-much-tax-revenue-does-the-uk-collect-and-where-is-it-spent/
Social protection is the largest expenditure area, with 371 billion pounds allocated for pensions, benefits, and health protection in 2024/2025.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/how-much-tax-revenue-does-the-uk-collect-and-where-is-it-spent/
Contrary to beliefs, lottery and gambling winnings are not subjected to capital gains tax, allowing people to enjoy tax-free gambling rewards.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/how-much-tax-revenue-does-the-uk-collect-and-where-is-it-spent/
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#uk-government-budget #taxation #public-spending #social-protection #government-revenue
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