National Insurance takings surpass £150bn

National Insurance contributions (NICs) brought in revenue totaling £156.9 billion in the 2021/22 financial year, the latest figures from the Office for National Statistics show - the highest amount on record.

This was a £12bn increase on 2020/21, when £144bn was taken through NICs.

The rise in revenue is likely to have been largely caused by the return to work for furloughed staff, as well as high inflation rates. NICs receipts are expected to rise further in 2022/23, following the increase to rates as part of the health and social care levy.

Income tax, capital gains tax, NICs and the apprenticeship levy raised £395.8bn, a £47.4bn increase between April 2021 and February 2022.

A separate set of statistics from HMRC states receipts from PAYE income tax and NICs from April 2021 to March 2022 are up to £338bn, £34.8bn higher than the same time a year previous.

Self-assessment tax and NICs provided an increase of £9.7bn for HMRC, making up a total of £55bn. HMRC stated this is due to self-assessed income streams and asset disposals in 2020/21.

From April 2021 to March this year, VAT receipts totalled £157bn, which is £55.6bn higher than the same period a year before.

HMRC reported that fuel duty brought in £25.9bn, £5bn more than the month before. On top of the extra £1.6bn on alcohol and tobacco duty, an additional £6.6bn was brought in when compared to the same period in 2020.

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