UK tax burden increases. By Dan Martin

Kashflow logo
0

The proportion of the UK's income taken by the government in taxes has risen sharper than any other major economy except the US, new figures show.

A report by the respected Organisation for Economic Co-operation and Development (OECD) showed the UK's tax burden rose last year by 1.2% to 37.2%.

The tax burden was higher in only two other countries Iceland which rose by 3.7% and the US which saw a 1.3% rise.

OECD said the tax burden increased in the UK, US and Iceland without any rises in personal or corporate tax rates.

"That suggests that the higher tax ratios are a result of stronger economic growth in these countries, and more generally across the OECD," it added. "Stronger growth increases both the profitability of companies and the level of personal incomes, leading to an increase in the...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Share this content

Replies

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.