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.
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