"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."
"Both income tax as a whole, and that which is collected via Pay As You Earn (PAYE) are showing increases on the year of approximately 7.5% and 8.3% respectively. Total income tax receipts are currently just shy of the £290bn mark for the previous 12 months, with close to £250bn of that being collected via PAYE. These figures evidence the upward trend in salary increases that have been prevalent throughout the 2024 year."
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