The Adam Smith Institute’s Tax Freedom Day calculations featured in the Sunday Times:
Working harder for the taxman
Tax freedom day will fall on May 31 this year, one day later than in 2014, according to the Adam Smith Institute. This is the day when you have, in theory, paid all your tax and can now finally keep the money you earn.
The ASI calculates Tax Freedom Day by measuring local taxes, direct and indirect national taxes, and national insurance contributions as a proportion of the UK’s net national income (41.2% per cent in 2015), mapping that proportion onto the days of the year.
Tax Freedom Day figures are not available up-to-date for calendar years so they are proxied from government and OBR forecasts and financial year numbers. They are then revised when exact numbers become available.
Click here for more information on previous Tax Freedom Days and Cost of Government Days.