Finance

Tax hits highest level on record for Britons as UK also has highest property levies


The UK’s tax level across the economy has increased to its highest rate on record, according to new data from the OECD.

It came as separate figures showed the UK also now faces the highest level of property taxes across the developed world.

The OECD’s (Organisation for Economic Co-operation and Development) annual revenues statistics update found the total tax-to-GDP ratio across the UK hit 35.3 percent for the 2022/23 financial year – the highest since OECD records began in 2000.

It represents a 0.9 percentage point increase from the 34.3 percent record a year earlier.

It ranks the UK as having the 16th highest rate of 38 OECD countries, and is 1.3 percentage points above the group’s average of 34 percent, in relation to tax competitiveness.

Separately, new analysis from commercial real estate firm Altus Group revealed the UK has the joint-highest rate of property taxes across the 38 OECD countries.

It found the UK has a ratio equivalent of four percent of property taxes to GDP.

The research said this compares with an average of 1.5 percent across the European Union and a 2.9 percent average against countries in the G7 group of advances economies.



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