VAT receipts in the UK 2000-2020
In 2019/20 income tax receipts in the United Kingdom amounted to 130.14 billion British pounds, which when compared with 2000/01 was a net increase of 71.52 billion pounds. In the future, income tax receipts are expected to continue to rise.
The amount which workers in the United Kingdom pay in income tax is determined by how much they earn and falls into four income tax bands. All workers in the United Kingdom are entitled to earn a personal allowance of 12.5 thousand pounds before they are charged income tax. The Basic rate of 20 percent applies to income between 12.5 and 50 thousand pounds, with a higher rate of 40 percent charged on incomes that are between 50 and 150 thousand pounds. There is also an additional rate for earnings over 150 thousand pounds which has a tax rate of 45 percent.
The government of the United Kingdom aims to spend approximately 285 billion on Social Protection in 2020/21, the most of any spending category. This was followed by spending on health and education at 178 and 116 billion pounds respectively.
Income tax brackets
The amount which workers in the United Kingdom pay in income tax is determined by how much they earn and falls into four income tax bands. All workers in the United Kingdom are entitled to earn a personal allowance of 12.5 thousand pounds before they are charged income tax. The Basic rate of 20 percent applies to income between 12.5 and 50 thousand pounds, with a higher rate of 40 percent charged on incomes that are between 50 and 150 thousand pounds. There is also an additional rate for earnings over 150 thousand pounds which has a tax rate of 45 percent.
UK Government spending
The government of the United Kingdom aims to spend approximately 285 billion on Social Protection in 2020/21, the most of any spending category. This was followed by spending on health and education at 178 and 116 billion pounds respectively.
