Question to the HM Treasury:
To ask Her Majesty's Government, further to the Written Answer by Lord Agnew of Oulton on 20 May (HL4033), what has been the net income to HM Treasury from VAT in each month since March.
HM Revenue & Customs publish monthly net VAT receipts within the National Statistics release “HMRC tax receipts and National Insurance contributions for the UK”. Since March 2020, HM Revenue & Customs have received the following net VAT monthly amounts:
March 2020: £2,362 million
April 2020: -£897 million
May 2020: -£635 million
June 2020: £1,104 million
Net VAT receipts during this period have been affected by the policy measure providing a deferral of VAT payments. This measure allowed UK VAT registered traders to defer VAT payments between 20 March 2020 and 30 June 2020, up until 31 March 2021.