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Uptick in tax receipts helps boost government finances

Data published by the Office for National Statistics (ONS) has shown that increases in Capital Gains Tax (CGT), employers' National Insurance contributions (NICs) and Income Tax receipts helped the government reach a record surplus in January.

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24 Feb 2026

Data published by the Office for National Statistics (ONS) has shown that increases in Capital Gains Tax (CGT), employers' National Insurance contributions (NICs) and Income Tax receipts helped the government reach a record surplus in January.

The rise in tax receipts outpaced spending and generated a £30.4 billion surplus in January, the ONS revealed.

Inheritance Tax (IHT) receipts totalled £7.1 billion in the first ten months of the 2025/26 financial year, the data showed. Experts believe annual receipts could rise even further as a result of changes to IHT announced at the 2024 Autumn Budget.

The uptick in tax receipts will be welcome news for Chancellor Rachel Reeves ahead of the Spring Statement on 3 March.

James Murray, Chief Secretary to the Treasury, commented: 'We know there is more to do to stop one in every £10 the government spends going on debt interest, and we will more than halve borrowing by 2030/31 so that money can be spent on policing, schools and the NHS.'

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“Phil was a breath of fresh air compared to our former accountants. The team at Rumsby’s are easy to talk to, always welcoming and everything is done on time. They are very proactive and offer great accounting and business advice. We restructured our business shortly after engaging DK Rumsby over 10 years ago, following their great advice.”

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“DK Rumsby were recommended to us and after an initial meeting with Derrick we quickly realised that Rumsbys were very efficient, knew what they were talking about, proactive and did things properly. They do what they say, save you time and if there’s a problem they sort it out!”

Sam O’Regan, P&S Healthcare Ltd

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