UK The UK exchequer’s net revenue for the past financial year plunged by £32bn, the National Audit Office revealed on Monday, as the Treasury’s accounts were rushed out ahead of the parliamentary recess.
Revenue & Customs’ tax take fell by £21.7bn in 2008-09 compared with the previous year, as Britain sank into recession. There were big falls in stamp duty, corporation tax, value added tax and income tax – although this was partially offset by a rise in capital gains tax.
