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Inheritance tax receipts rose 10.3% to £4.3bn for the period between April and September 2024, a £0.4bn increase from the same period last year, according to data from HMRC.
Alongside this, the total sum of gross tax and National Insurance Contributions receipts was £406.3bn, which is £11.1bn higher than the same period last year.
Capital Gains Tax receipts for the three months July to September this year were 16.3% higher than the same period of 2024.
Overall income tax, capital gains tax and NICs receipts during the period were £226.8bn , which is £6.2bn higher than the same period last year.
Laura Hayward, tax partner at Evelyn Partners, believes that the chancellor will increase CGT at the budget announcement.
Rachel Reeves may also look at the nil-rate bands, as the residential NRB has come under criticism for discriminating against those who can’t or don’t want to leave their main property to a direct descendant.
Hayward stated that the income tax thresholds freeze could be extended from 2028 to 2030.
She said: “It is unlikely that this last update on monthly revenues will have any impact on the chancellor’s plans for the budget, which will be determined by fiscal projections and rules over the next five years. But rising tax receipts can tell their own story about what Rachel Reeves is considering for the budget in order to raise an estimated £35bn, particularly in the case of inheritance tax, capital gains tax and income tax.”
