Taxes set to hit £1trn

Budget documents published by the Office for Budget Responsibility (OBR) have revealed that taxes are set to hit £1 trillion for the first time, with analysis suggesting the total tax take will reach £1,038,000,000,000 in 2026/27.

The figure is a third more than the £775.7 billion expected this year and would take the tax burden to the equivalent of 36.2% of GDP – the highest level since the early 1950s.

The OBR report also suggests wealth taxes – inheritance tax and capital gains tax – will bring in more than £130 billion over the next six years. By 2027, the Government will collect £91.9 billion in CGT and £40.5 billion in IHT, the documents forecast.

For more information and to discuss how we can help you effectively structure your finances for tax and save you money, contact your usual Beavis Morgan Partner or email