However any tax due for 2019-2020, that has not been paid on the 1st of February, will begin to incur interest. The usual rate is 2.6%. As penalties on tax owing do not begin until the 2nd March, this means that
In 2023/24, income tax receipts in the United Kingdom amounted to 273.3 billion British pounds, compared with 248.4 billion in the previous year.