Tax receipts from April to November reached a record £537 billion, driven by a sharp rise in capital gains tax (CGT) revenue. Since October, a surge in asset disposals contributed significantly, with many anticipating a CGT cut in the 30 October Budget.
CGT receipts for October and November totalled £471 million – an increase of £125m compared to £346m in the same period last year. CGT brought in £222m in November alone, up from £172m the previous year. Typically, monthly CGT figures remain stable, making this spike notable.
Inheritance tax (IHT) also saw a significant rise. In November, IHT receipts hit £665m. For the tax year (April to November), IHT revenue stands at £5.7bn – £600m higher than the £5.15bn collected during the same period last year.
Stamp duty land tax (SDLT) experienced a similar jump. November 2024 saw SDLT receipts of £1.3bn, compared to £973m in November 2023 – a £1bn increase over the tax year. HMRC attributes this to policy changes, with the temporary reduction in SDLT set to end in April 2025.
The overall rise in tax receipts highlights how anticipated tax policy shifts influence taxpayer behaviour, particularly in property and asset disposals.
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