In January 2025, HMRC reported tax receipts soaring to nearly £112 billion, breaking previous records. Income tax collections accounted for a significant rise, contributing nearly £50 billion for the month alone, an increase of £6.8 billion compared to January 2023. The self-assessment deadline on January 31st prompted a substantial £25.8 billion in tax payments, indicating strong compliance. Despite an overall increase, capital gains tax intake saw a decline. These figures suggest a positive financial outlook for HM Treasury, although caution remains as future budget forecasts may not be as optimistic.
"Leading the way were income tax receipts which rose by £6.8bn to just under £50bn for a single month, another record."
"Records have fallen by the wayside this month, and this is certainly no 'Dry January' as far as HMRC is concerned."
"The January 31st deadline for self-assessment tax returns clearly spurred many into action, with HMRC receiving £25.8bn tax via self-assessment tax returns."
"The figures will prove optimistic reading for HM Treasury off the back of speculation that the Office for Budget Responsibility (OBR) are likely to publish less than optimistic March forecasts."
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