Paul Haywood-Schiefer, a manager at the firm said: ‘Hitting the £600bn threshold represents an increase of 3.93% or £22bn on the previous year. This is buoyed by several taxes and the main increases we are seeing are coming in PAYE and NIC receipts due to low unemployment, but there are also increases in VAT receipts and corporation tax, which itself has had a 6% rise.’

Ever since the beginning of the year, the take from stamp duty land tax (SDLT) has been below £1bn, but July recorded £1.12bn of receipts.

Nimesh Shah, Blick Rothenberg partner, said: ‘In recent years, SDLT take has grown incredibly, but we are seeing a slowdown in property transactions, more than likely to be linked to higher rates of SDLT, the buy-to-let mortgage interest restriction and uncertainty over the UK property market with Brexit.  Given where SDLT take was heading, the slowdown is quite remarkable.’

July’s statistics show the government’s first tax haul from the so-called ‘sugar tax’, with £61m recorded from the soft drinks industry levy, suggesting it is likely to hit the target of £240m for the year.

It was also a record month for self-assessment income tax receipts, which totalled £9bn, up from £8bn in July 2017, but overall self-assessment receipts are down 1.67%.

Shah said: ‘The downturn in self-assessment receipts overall could be linked to more internationally mobile individuals making moves away from the UK. We are aware of individuals leaving the UK for varying reasons, including recent changes to the personal tax regime, political uncertainties and of course Brexit.

‘There has to be a worry about this population leaving the UK, and it is important that UK remains an attractive place for individuals to invest in and come to live for the future.’

Monthly summary HMRC tax receipts and National Insurance contributions for the UK is here

Report by Pat Sweet