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Question for Treasury

UIN 146528, tabled on 24 March 2022

To ask the Chancellor of the Exchequer, what estimate he has made of the impact on annual revenue for (a) VAT, (b) corporation tax and (c) duties of oil, gas and vehicle fuels in the event that recent high prices persist for 12 months.

Answered on

1 April 2022

The Office for Budget Responsibility (OBR) provides independent analysis of the UK public finances, publishing its latest Economic and Fiscal Outlook (EFO) on the 23rd of March 2022.

The EFO contains a comprehensive forecast of tax receipts over a 5 year period. Their forecast is based on market expectations for oil and gas prices, based on those expectations in the 5 working days to 2 March.

For the financial year 2022-23, Value Added Tax is forecast to be £154.2bn; Corporation Tax is forecast to be £56.8bn; Vehicle excise duties are forecast to be £7.2bn; and Fuel duties are forecast to be £26.2bn.

Answered by

Treasury