Institute for Fiscal Studies 26th April 2016
A new IFS Briefing Note, published today, sets out ‘The changing composition of UK tax revenues’ in the decade up to 2020.
There is always uncertainty around forecast tax receipts.
The risks to revenue streams are currently larger than usual: there is still uncertainty about the strength of the recovery, it is difficult to forecast the receipts from new taxes and there is policy risk in the sense that the government may choose to deviate from the assumptions embedded in forecasts.
A long-term strategy for the tax system would help to alleviate some of these risks.