While it is anticipated that the new Prime Minister Liz Truss might soon be looking to making cuts in the VAT rate, research by Thomson Reuters shows that tax collected from VAT in the UK has risen by 60% over the last decade, from £98bn to £157bn in the last year. VAT now accounts for a record 22% of HMRC total tax receipts and is the fastest growing tax of the main five taxes, which have only averaged an increase of 42% in the last decade.
While it is anticipated that the new Prime Minister Liz Truss might soon be looking to making cuts in the VAT rate, research by Thomson Reuters shows that tax collected from VAT in the UK has risen by 60% over the last decade, from £98bn to £157bn in the last year. VAT now accounts for a record 22% of HMRC total tax receipts and is the fastest growing tax of the main five taxes, which have only averaged an increase of 42% in the last decade.
