Tax Yields: Coronavirus

Treasury written question – answered on 21st May 2020.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (Digital, Culture, Media and Sport)

To ask the Chancellor of the Exchequer, what recent assessment has he made of the effect of the covid-19 outbreak on the composition of tax receipts for the period of the covid-19 outbreak in each sector.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The impact of the COVID-19 pandemic remains uncertain. Alongside published OBR scenarios, the Government keeps tax receipts under review, to ensure the sustainability of the public finances.

HM Revenue and Customs (HMRC) publish monthly tax receipts statistics which include information on tax receipts for March; the first month significantly affected by the current COVID-19 pandemic.

HMRC also publish annual statistics relating to Income Tax, VAT and Corporation Tax by sector. However, due to data lags these do not yet include the period of the COVID-19 pandemic.

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