Income tax collections surpass corporation tax for the first time in 12 years
- The corporation tax collections in 2020-21 were around 17.9% lower than in 2019-20
- In comparison, income tax collections fell by just 2.3% between 2019-20 and 2020-21
The central government published its accounts for 2020-21 on Monday. For the first time in 12 years, income tax collections were higher than the corporation tax collected by the government. This can be seen in the chart accompanying the piece, with the income tax curve and the corporation tax curve, which have run largely parallelly over the years, crossing for the first time.