Visitors Now:
Total Visits:
Total Stories:
Profile image
By Mark Wadsworth blog
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

This week's award for mind numbing innumeracy goes to…

Friday, November 18, 2016 9:42
% of readers think this story is Fact. Add your two cents.

(Before It's News)

The Taxpayers' Alliance:

Every year Her Majesty’s Revenue and Customs (HMRC) estimates how much tax revenue is lost to the black market. The annual report, Measuring Tax Gaps, is an annual report looking at a range of ways in which HMRC loses out on revenue from a range of direct and indirect taxes.

The tax gap is largest when it comes to duties on tobacco, alcohol and diesel – the most highly taxed products.

That was news to me, so I thought I'd better check HMRC's actual report first before I lay into them.

By absolute amount of tax 'lost', the rankings are:

Income Tax, National Insurance Contributions & CGT: £15.5 bn
Gross Profits Tax Value Added Tax: £12.7 bn
Corporation tax: £3.7 bn
Excise duties: £2.8 bn

By amount 'lost' relative to amount of tax collected, the ranking are

Gross Profits Tax Value Added Tax: 10.3%
Corporation tax: 8%
Excise duties: 5.3%
Income Tax, National Insurance Contributions & CGT: 5.2%

So the 'tax gap' for Excise Duties is smallest in absolute and relative terms. Duh.

Sadly, HMRC are not responsible for Business Rates (quasi-LVT) so do not publish the 'tax gap' for that which is – unsurprisingly – about 1% or 2%.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.