In total HMRC receipts for September surpassed £64bn, up by almost £4bn from August and over £3bn more than September 2023. Already tax and NICs receipts are up to £406.3bn from April until September, which is £11.1bn higher than the same time in 2023.

Income tax, capital gains tax and NICs from April to September 2024 are already £6.4bn higher than the same time frame in 2023, rising to £226.8bn.

Additionally, inheritance tax (IHT) receipts grew to £4.3bn in the first six months of the tax year, £400m higher than September 2023. Currently around 4% of the nation pay IHT but with the tax being tipped for an overhaul at the Budget, the figure could rise to greater heights as more of the nation could be dragged into paying it.