From April to June 2024 PAYE income tax and national insurance contributions (NICs) pulled in £195.1bn, a huge £4.7bn more than the same period in 2023.

A hike in corporation tax to 25% has contributed to soaring business tax receipts, up £1.7bn to a quarterly total of £20.5bn.

Major contributions to this were higher rates in corporation tax, as well as an extra £1bn being raked in through income tax, offsetting the drop in NICs since the 4% cut which former chancellor Jeremy Hunt initiated before the general election.

Inheritance tax is still on a steady rise, although down from the huge £795m taken in June 2023.

Income tax receipts from April to June 2024 increased by over £4bn due to the decrease in NICs and tax thresholds staying put pulling more people into paying higher rates. From April to June 2023 the total take was £63.2bn, increasing to £67.6bn this year. For June itself PAYE income tax reached £19.2bn, almost £800m more than June 2023.

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