Sarah Coles, a personal finance analyst, Hargreaves Lansdown, commented on these results and warned savers should take action before the state (potentially) looks to amend it's deficit: "COVID has picked the pockets of the taxman. With the economy closed for business for large chunks of the year, and tax breaks being hurried through by the Chancellor to help get the country back on its feet, the Treasury took almost £50 billion less in tax.
"Job losses, lower wages and furlough meant income taxes fell, while less spending overall squashed VAT, and travel restrictions killed fuel duty and air passenger duty.
"Stamp duty had a rollercoaster ride, slumping to a real low when the housing market closed during the first lockdown, and then soaring to a record high as people rushed purchases to get in ahead of the stamp duty holiday deadline. Overall, however, it was down.
"A few taxes defied the trend. Our commitment to wine o’clock and the gin trend kept alcohol duty up, despite a fall in the consumption of pub pints.
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