Combined self-assessed income and Capital Gains Tax receipts were estimated at £36.2 billion in January, up £3.8 billion a year earlier, and the highest January receipts since monthly records began in 1999.
Borrowing in the financial year to January 2025 was £118.2 billion; up £11.6 billion more than at the same point in the last financial year and the fourth-highest financial year-to-January borrowing since monthly records began in 1993.
However, it was £5.1 billion smaller than the £20.5 billion forecast for January 2025 by the Office for Budget Responsibility (OBR) at the time of the October Budget.
Alison Ring, director of public sector and taxation, at accounting body ICEAW, said: “The expected boost from self-assessment tax receipts in January was not enough to bring the public finances under control, which will disappoint the Chancellor as she prepares for her first Spring Forecast.
However, this was a £5.1 billion smaller surplus than the £20.5 billion forecast for January 2025 by the Office for Budget Responsibility in October 2024.
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