The 25% corporation tax rate has already hit businesses as the Treasury raked in nearly £12bn as company profits grew.

Inheritance tax take hit a record £795m in one month in June as more estates were caught by the rules, the highest figure ever recorded.

The latest figures show that the total tax take was £60.4bn in June, up £4bn on the previous year, as quarterly receipts for the quarter from April 2023 to June 2023 were £189bn, which was £10.5bn higher than in the same period a year earlier.

The freezing of tax thresholds is giving the Treasury a steady stream of tax revenue, with inheritance tax (IHT) proving an easy win.