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Tax in the UK:
Inheritance Tax ~ £443BN
VAT (Sales Tax) ~ £132BN
Coperation Tax ~ £57BN
Income Tax ~ £626.32BN
Council Tax - min. £6.5BN
Import Tax ~ £3.35BN
Stamp Duty ~ £11.94BN
Fuel Tax ~ £27.9BN
Sin Tax ~ £20BN
Total: ~£1.3TRILLION p/year rough minimum.
Inheritance Tax ~ £443BN
VAT (Sales Tax) ~ £132BN
Coperation Tax ~ £57BN
Income Tax ~ £626.32BN
Council Tax - min. £6.5BN
Import Tax ~ £3.35BN
Stamp Duty ~ £11.94BN
Fuel Tax ~ £27.9BN
Sin Tax ~ £20BN
Total: ~£1.3TRILLION p/year rough minimum.
Average UK inheritance is £50,000, you pay 40% on inheritance if you inherit over £325,000.
5% of population has inheritance over £325,000, which is 3,332,500 people paying at least £130,000 the government get 40%, which is £130,000. The government recieves ~ £443BN minimum.
5% of population has inheritance over £325,000, which is 3,332,500 people paying at least £130,000 the government get 40%, which is £130,000. The government recieves ~ £443BN minimum.
The government recieved a total of ~ £132BN in VAT at the cost of consumers in the year 2018/2019.
Businesses paid ~ £57BN in corporation tax out of their profits in the year 2018/2019.
Employees paid ~ £626.32BN out of their wages from income tax and NI in 2018/2019.
Businesses paid ~ £57BN in corporation tax out of their profits in the year 2018/2019.
Employees paid ~ £626.32BN out of their wages from income tax and NI in 2018/2019.
The above statistics come from http://statista.com .
Council tax is harder to figure out so I'l be generous. There are ~ 27MN households. Lets say 13MN pay a minimum of £500 a year on council tax, that would mean the government recieves at least £6.5BN in council tax.
Council tax is harder to figure out so I'l be generous. There are ~ 27MN households. Lets say 13MN pay a minimum of £500 a year on council tax, that would mean the government recieves at least £6.5BN in council tax.
The UK government recieved ~ £3.35BN in import tax in 2018/2019.
From stamp duty the government pocketed ~ £11.94BN in 2018/2019.
Fuel duty is estimated at ~ £27BN for the last year and sin tax at ~ £20BN.
Again, most of these figures come from http://statista.com .
From stamp duty the government pocketed ~ £11.94BN in 2018/2019.
Fuel duty is estimated at ~ £27BN for the last year and sin tax at ~ £20BN.
Again, most of these figures come from http://statista.com .
Let's work out the total.
Using the total amounts from the first tweet in this thread leaves us with £1,328,010,000. That's over £1TR p/year roughly. This was based on minimums for inheritance tax and council tax, the figure is likely to be over £1.5TR if not nearer £2TN.
Using the total amounts from the first tweet in this thread leaves us with £1,328,010,000. That's over £1TR p/year roughly. This was based on minimums for inheritance tax and council tax, the figure is likely to be over £1.5TR if not nearer £2TN.
Anyone else think this is absolutely insane considering the NHS seems to be in constant struggle to stay afloat, policing seems to suffer and schools are almost at breaking point... where does all of our money really go? 
Only £38BN was used for defence.
Only £38BN was used for defence.
