IFS | Institute for Fiscal Studies
WEBThe Institute for Fiscal Studies (IFS) is the UK’s leading independent economics research institute. Our world-class research helps policymakers – and those who hold them accountable – understand the impact that policy decisions have on individuals, households and businesses.
National Insurance contributions explained | IFS Taxlab
WEBNational Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise just under £170 billion in 2024–25 – around a sixth of all tax revenue. They are paid by employees and the self-employed on their earnings, and by employers on the earnings of those they employ. Up to a certain threshold, earnings are free of NICs.
How do UK tax revenues compare internationally?
WEBUK tax revenue was 33.5% of gross domestic product (GDP) in 2021 – the most recent year for which there are internationally comparable data. This is slightly below the average for both the G7 (36.3%) and the OECD (34.1%). While UK taxes are higher than in most other English-speaking developed economies (such as Australia, Canada, New Zealand ...
Where does the government get its money? - Institute for Fiscal …
WEBIn 2023–24, total UK government revenue is forecast to be £1.06 trillion, or 41% of gross domestic product (GDP). The primary source of revenue is taxation, which is forecast to raise £950 billion in 2023–24, or 37% of GDP – equivalent to around £17,200 for each adult living in the UK. A little over £100 billion of government revenue ...
Your household's income : Where do you fit in?
WEBAug 22, 2022 · Your household. 2. Your household income and housing costs. Please now enter your net household income and the period over which you have calculated it. First, you will need to add together the incomes of yourself, your partner and anyone else who lives with you, after deducting income tax and national insurance.
Living standards, poverty and inequality in the UK: 2022
WEBJul 14, 2022 · It increased from 27% in 2013–14 to 31% in 2019–20, the same level as in 2007–08. This means that low-income families with children slipped further behind those on average incomes during the recovery from the Great Recession. In 2019–20, 4.3 million children were in relative income poverty, compared with 3.7 million in 2013–14.
About - Institute for Fiscal Studies
WEBAbout. The Institute for Fiscal Studies (IFS) is the UK’s leading independent economics research institute. Our job is to analyse and inform economic and social policy decisions and to help policymakers – and those who hold them accountable – understand the impact that their choices will have on individuals, households and businesses.
Income and wealth inequality explained in 5 charts
WEBNov 9, 2022 · Here are 5 charts that explain what we have found. 1. Income inequality in the UK increased substantially over the 1980s but has been more stable in recent decades. Since 1961, the evolution of disposable household income [1] inequality in the UK can be divided broadly into four phases, illustrated by Figure 1.
What does the government spend money on? - Institute for Fiscal …
WEBIn 2022–23, government spending was almost £1,200 billion, or around 45% of GDP. Health spending is a growing share of the total. The government spends huge amounts of money each year on our behalf. In 2022–23, UK government spending was almost £1,200 billion, or around £17,000 per person. This was equivalent to around 45% of GDP.
Income tax explained | IFS Taxlab
WEBIncome tax is the single most important source of revenue for the UK Treasury, accounting for about a quarter of total tax revenue. It is levied on most forms of personal income, but each individual has a personal allowance of income that can be received tax-free, and only around three-fifths of adults have income high enough to pay income tax.