UK Taxes and Expenditures

[Dual]

In 2006/07, government spending was £586.6 billion.

In 2002/03, government spending was £420.8 billion.

In 2006/07, income tax receipts were £152.5 billion.

In other words, if the UK returned to 2002/03 levels of government spending, it could abolish Income Tax for everyone, and still have £13.3 billion left over!

The £13.3 billion left over is enough to abolish, at 2006/07 figures:

Inheritance Tax (£3.9 bn)

Capital Gains Tax (£4.6 bn)

Duty on Wine (£2.5 bn)

Duty on Spirits (£2.3 bn)

 

[eloisel]

In 2006/07, government spending was £586.6 billion.

In 2002/03, government spending was £420.8 billion.

In 2006/07, income tax receipts were £152.5 billion.

Your math is strange.

2006/07 - 586.6 (spent) - 152.5 (income) = 434.1 overspent.

2002/03 - 420.8 (spent) - 152.5 (income) = 268.3 overspent.