HM Revenue & Customs (HMRC) receipts from income tax, capital gains tax (CGT) and national insurance contributions (NICs) reached £230.9bn between April and August, up £16.6bn on the same period last year.

PAYE income tax and NICs accounted for exactly £214bn of the total, £16.9bn higher year-on-year. HMRC said the increase in overall receipts was partly supported by stronger property tax revenues following the unwinding of market distortions caused by changes to stamp duty land tax (SDLT) thresholds in April 2025, as well as higher surcharges on additional property purchases.

CGT receipts were £198m in August, up from £190m a year earlier and following £194m in July. However, cumulative CGT receipts for 2026/27 stood at £914m, slightly below the £922m recorded at the same point last year. This follows a record £22.2bn in CGT receipts in 2025/26, compared with £16.9bn in 2022/23 and £13.7bn in 2024/25.

Simon Martin, head of UK technical services at Utmost, said: "CGT receipts remain elevated following a record year for the Treasury, with higher rates introduced at the Autumn Budget 2024 and ongoing fiscal drag bringing more taxpayers into the CGT net."

He added that the Office for Budget Responsibility (OBR) expected CGT to make a growing contribution to treasury revenues, while potential further changes ahead of next month’s Budget were creating additional uncertainty for investors and business owners.

Susannah Streeter, chief investment strategist, Wealth Club, also noted that tax speculation is ramping up ahead of the Budget, with PM Andy Burnham and Chancellor John Healey walking an increasingly tricky tightrope when it comes to the public finances.

"That is prompting fresh speculation about a potential increase in CGT, particularly if reported plans to raise the personal income-tax allowance from £12,570 become a reality," Streeter said. "If the government is looking to put more money into people’s pockets by reducing their income-tax bill, it would need to find the money elsewhere, and CGT is increasingly being talked up as a potential source."

Streeter added: "For investors, the prospect of a higher CGT bill could mean some simply decide not to sell assets and hang onto them instead. But there are alternatives, including tax-efficient investment schemes that can shelter returns while also directing capital towards British businesses, laying the seeds for future growth."

The latest HMRC figures also showed that insurance premium tax (IPT) receipts remained high, reaching £4.49bn between April and August 2026, just £11m below the £4.5bn recorded over the same period last year. The latest figures follow a record annual total of £9.04bn in 2025/26.

Stamp taxes receipts reached £8.5bn over the five months, up £400m on a year earlier, a rebound the treasury attributes to property market activity after purchases were brought forward ahead of the April 2025 stamp duty changes.

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