The latest monthly tax receipts for income tax, capital gains tax (CGT), and national insurance contributions (NICs) alone for the first nine of months of the tax year, April to December 2025, increased 10.5% to £371.8bn, up £39.4bn from the same period last year. The total take across all taxes was £658bn, up £50.6bn.

PAYE and NICs receipts did the heavy lifting as the figures showed they made up £347.8bn, while self assessment income tax and CGT receipts hit £22.8bn. CGT receipts for the whole of 2025 were down 8.4% to £13.5bn, from £14.9bn the previous year.

Jason Hollands, managing director at Evelyn Partners, said: ‘This marked decrease in CGT receipts indicates that taxpayers are swerving this and the previous government’s crackdown on capital gains by sitting tight and deferring disposals, suggesting the futility of over-taxing investors and business owners.

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