News in brief

Tax take delivers a massive £56.5bn

Taxpayers paid a record £56.5bn to the Governments coffers this January. Income tax alone reached £25.8bn, up 15 per cent from last year and also the most since records began in 1984. The rest is made up of corporation tax, National Insurance contributions and VAT.

Self−assessment tax returns flooded in before the deadline at the end of the month making January a positive month for revenue. According to the Institute for Fiscal Studies, the Chancellor is now back on track to meet his full−year target for a £38bn budget deficit.

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