The 海角视频鈥檚 tax level across the economy has increased to its highest rate on record, according to new data from the OECD. It came as separate figures showed the 海角视频 also now faces the highest level of property taxes across the developed world.
The OECD鈥檚 (Organisation for Economic Co-operation and Development) annual revenues statistics update found the total tax-to-GDP ratio across the 海角视频 hit 35.3% for the 2022/23 financial year 鈥 the highest since OECD records began in 2000. It represents a 0.9 percentage point increase from the 34.3% record a year earlier.
It ranks the 海角视频 as having the 16th highest rate of 38 OECD countries, and is 1.3 percentage points above the group鈥檚 average of 34%, in relation to tax competitiveness. Separately, new analysis from commercial real estate firm Altus Group revealed the 海角视频 has the joint-highest rate of property taxes across the 38 OECD countries.
It found the 海角视频 has a ratio equivalent of 4% of property taxes to GDP. The research said this compares with an average of 1.5% across the and a 2.9% average against countries in the G7 group of advanced economies.
In the 海角视频, property taxes include all tax receipts from council tax, business rates, SDLT (stamp duty land tax) and LBTT (land and building transaction tax) in Scotland. Alex Probyn, president of property tax at Altus Group, said: 鈥淭he United Kingdom is characterised across the developed world as having higher levels of revenue from taxes on property.
鈥淥ur clients already tell us that the level of the business rates tax is a disincentive to invest and an effective tax rate of 54.6% next year for commercial property will do nothing to dispel that.鈥
The Office for Budget Responsibility has also forecast a further hike in 海角视频 property taxes, with business rates set to increase by 拢3.2 billion from April 1 because of an inflation-linked rise, while council tax receipts are set to grow by 拢2.3 billion. seized on the data to argue it was the consequence of 13 years of 鈥淐onservative economic failure鈥.
Shadow financial secretary to the Treasury James Murray said: 鈥淲orking people and businesses are being made to pay the price for their failure on the economy 鈥 with 25 Tory tax rises in this Parliament alone. Only Labour will grow our economy, replace business rates with a fairer system, and make working people better off.鈥
A Treasury spokesperson said: 鈥淭he 海角视频 tax system is highly competitive, with the lowest headline rate of corporation tax and the most generous capital allowances in the OECD, while our tax to GDP remains in the middle of the pack in the G7 in 2028-29 鈥 lower than France, Italy and Germany.
鈥淥ur autumn statement delivers a 拢10 billion per year tax cut for businesses by making full expensing permanent, and an over 拢9 billion per year tax cut for employees and the self-employed, worth over 拢450 for the average worker on 拢35,400.鈥
