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United Kingdom Tax Revenue

Price

61.027 B GBP
Change +/-
-10.556 B GBP
Percentage Change
-15.92 %

The current value of the Tax Revenue in United Kingdom is 61.027 B GBP. The Tax Revenue in United Kingdom decreased to 61.027 B GBP on 8/1/2024, after it was 71.583 B GBP on 7/1/2024. From 4/1/1997 to 8/1/2024, the average GDP in United Kingdom was 36.44 B GBP. The all-time high was reached on 1/1/2024 with 89.61 B GBP, while the lowest value was recorded on 6/1/1997 with 16.03 B GBP.

Source: Office for National Statistics

Tax Revenue

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Tax Revenue

Tax Revenue History

DateValue
8/1/202461.027 B GBP
7/1/202471.583 B GBP
6/1/202461.894 B GBP
5/1/202458.872 B GBP
4/1/202458.924 B GBP
3/1/202467.404 B GBP
2/1/202463.942 B GBP
1/1/202489.608 B GBP
12/1/202361.756 B GBP
11/1/202358.409 B GBP
1
2
3
4
5
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33

Similar Macro Indicators to Tax Revenue

NameCurrentPreviousFrequency
🇬🇧
Asylum applications
17,101 persons26,366 personsQuarter
🇬🇧
Corruption Index
71 Points73 PointsAnnually
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Corruption Rank
20 18 Annually
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Fiscal Expenditure
105.888 B GBP102.11 B GBPMonthly
🇬🇧
Government budget
-4.4 % of GDP-5 % of GDPAnnually
🇬🇧
Government Debt to GDP Ratio
97.6 % of GDP95.6 % of GDPAnnually
🇬🇧
Government Net Debt to GDP
99.5 % of GDP99.1 % of GDPMonthly
🇬🇧
Government Spending
135.192 B GBP133.714 B GBPQuarter
🇬🇧
Government Spending to GDP
44.5 % of GDP45.3 % of GDPAnnually
🇬🇧
Interest payments on government debt
8.03 B GBP9.221 B GBPMonthly
🇬🇧
Military expenditures
74.943 B USD64.082 B USDAnnually
🇬🇧
Net borrowing of the public sector
-13.734 B GBP-3.095 B GBPMonthly
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Public debt
2.768 T GBP2.744 T GBPMonthly
🇬🇧
Public revenue
89.37 B GBP100.13 B GBPMonthly
🇬🇧
Value of the State Budget
-13.734 B GBP-3.095 B GBPMonthly

What is Tax Revenue?

Tax revenue is a fundamental component of macroeconomic analysis, serving as a pivotal indicator of a country's fiscal health and economic stability. In the macroeconomic landscape, tax revenue encompasses the total income generated by the government through various forms of taxation, including income tax, corporate tax, value-added tax (VAT), and excise duties, among others. As a cornerstone of public finance, tax revenue not only provides the necessary funding for government operations and public services but also reflects broader economic trends and policy decisions. At Eulerpool, we provide comprehensive and up-to-date macroeconomic data, including detailed insights into tax revenue. Our platform is designed for professionals and researchers who require accurate and reliable data to inform their economic analyses, forecasts, and strategic planning. Understanding the intricacies of tax revenue is crucial for policymakers, economists, investors, and business leaders alike. Tax revenue is categorized into several major types, each reflecting different aspects of economic activity. Personal income tax is levied on the earnings of individuals and is typically progressive, meaning that higher earners pay a larger percentage of their income in taxes. Corporate tax, on the other hand, is imposed on the profits of businesses and can significantly influence corporate behavior, investment decisions, and overall economic growth. VAT and sales tax are examples of consumption taxes that apply to the purchase of goods and services, providing an indirect measure of economic activity through consumer spending. In addition to these primary forms of taxation, governments often rely on excise taxes, which are specific taxes levied on certain goods, such as alcohol, tobacco, and fuel. Excise taxes are typically designed to discourage the consumption of these goods and to generate additional revenue for specific public projects. Import and export duties are another critical source of tax revenue, affecting international trade dynamics and the competitiveness of domestic industries. The dynamics of tax revenue are shaped by a multitude of factors, including the overall economic environment, tax policies, compliance rates, and administrative efficiency. During periods of economic expansion, tax revenues generally increase due to higher incomes, profits, and consumption levels. Conversely, during economic downturns, tax revenues tend to decline, necessitating careful fiscal management and potential policy adjustments to maintain fiscal stability. Tax policy is a critical tool for governments, influencing behavior, redistributing income, and achieving specific economic objectives. Progressive tax systems aim to reduce income inequality by imposing higher tax rates on the wealthy, while regressive tax systems, which place a heavier burden on lower-income individuals, can exacerbate inequality. Policymakers must navigate these dynamics to design tax systems that balance fairness, efficiency, and revenue generation. The administration and collection of taxes require robust institutional frameworks and effective enforcement mechanisms. High compliance rates are essential for maximizing tax revenue and ensuring fairness in the tax system. Tax evasion and avoidance pose significant challenges, undermining the revenue base and necessitating stringent enforcement measures. Transparency and accountability in tax administration are critical for maintaining public trust and compliance. Tax revenue also plays a vital role in macroeconomic policy and fiscal sustainability. Governments rely on tax revenue to fund essential public services, including education, healthcare, infrastructure, and social welfare programs. Adequate and stable tax revenue streams are crucial for reducing fiscal deficits and public debt, contributing to long-term fiscal sustainability and economic stability. In the context of global economic relations, tax revenue is influenced by cross-border activities, including international trade, investment, and tax competition. The globalization of the economy has led to complex challenges in taxing multinational corporations and addressing profit-shifting and tax base erosion. International cooperation and coordination through organizations like the OECD (Organisation for Economic Co-operation and Development) and initiatives such as the Base Erosion and Profit Shifting (BEPS) project are critical for creating a fair and effective global tax system. At Eulerpool, we understand the importance of accessible and detailed macroeconomic data for understanding tax revenue trends and their broader economic implications. Our platform offers a wealth of data, including historical trends, country comparisons, and detailed breakdowns of different types of tax revenue. By providing high-quality, accurate data, we empower our users to make informed decisions and contribute to the development of sound economic policies and strategies. The analysis of tax revenue trends provides valuable insights into the health of an economy and the effectiveness of fiscal policies. Changes in tax revenue can indicate shifts in economic conditions, such as economic growth, inflation, and employment levels. For example, rising tax revenue may reflect robust economic growth and higher employment, while declining tax revenue may signal economic contraction and increased unemployment. In conclusion, tax revenue is a critical element of macroeconomic analysis, reflecting the fiscal health and economic stability of a country. It encompasses various forms of taxation, each with unique implications for economic activity and policy. At Eulerpool, our commitment to providing comprehensive and accurate macroeconomic data ensures that our users can access the information they need to analyze tax revenue trends and their broader economic impacts. By understanding the complexities of tax revenue, policymakers, economists, and business leaders can make informed decisions to foster economic growth, stability, and equity.