SELF ASSESSMENT INCOME TAX RECEIPTS
Budget 2010 Autumn 2012
2008-9 £22.5bn £ 22.5bn
2009-10 £21.7bn £ 21.7bn
2010-11 £21.5 bn £21.5bn
2011-12 24.2 bn £20.3bn
2012-13 £ 29.2 bn £22.6bn
2013-14 £32.5 bn £23.8bn
2014-15 35.1 29.4
Self Assessment tax income fell 10% from the peak to 2011-12. It fell 5.6% in 2011-12. By the end of the second year of the 50% rate receipts were down by 6.5% on the level before its introduction.
The bulk of the Self Assessment Income Tax is at higher rate. The decline in 50% revenues is likely to have been faster than that in total Self Assessment revenues.
It is interesting to contrast the very optimistic forecasts made by the government in June 2010, and to see just how much they have taken off their forecasts in the light of experience since then. This year they think they will be almost £7bn down on estimate, and the revenues are currently undershooting even the latest forecast.
In contrast, raising the VAT rate has produced some extra revenue. Capital Gain tax receipts are forecast to fall this year.
The poor performance of revenues is the main reason why the public borrowing figures have remained high this year, well above the 2010 forecast.