Featured explainers
Taxation of private pensions explained
Private pensions are tax-favoured relative to most other forms of saving. The extent of the tax advantages varies between people.
Income tax explained
Income tax is the single most important source of revenue for the UK Treasury, accounting for about a quarter of total tax revenue.
National Insurance contributions explained
National 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.
Corporation tax explained
Corporation tax is the fourth biggest source of revenue for the UK Treasury and is forecast to raise around £40 billion in 2021–22.
IFS tax survey
An overview of all UK taxes.
Inheritance tax explained
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.