HMRC receipts for September 2024 surpassed £64bn, an increase of nearly £4bn from August and over £3bn more than September 2023. Between April and September, total tax and National Insurance contributions (NICs) reached £406.3bn, £11.1bn higher than in 2023.
Income tax, capital gains tax (CGT), and NICs from April to September 2024 totalled £226.8bn, a £6.4bn rise year-on-year. Inheritance tax (IHT) receipts have grown to £4.3bn, £400 million more than September 2023. Although only around 4% of the population currently pays IHT, anticipated reforms in the upcoming Budget could see more people liable.
VAT receipts are also up, rising by nearly £2bn compared to September 2023 and totalling £84bn for April to September 2024, £1.2bn higher than last year.
Despite a £5m drop in CGT receipts from August to September 2024, they are still £27mhigher than in 2023. Corporation tax receipts have seen the most significant increase, reaching £42bn in the first half of the tax year – £3.9bn more than in 2023. This sharp rise follows the increase in the corporation tax rate from 19% to 25%, implemented in April 2023. HMRC is on track to meet the predicted £81.7bn in corporation tax receipts by the end of the 2023/24 tax year.
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