HMRC’s tax receipts for 2024/25 have reached a record £857 billion – £28.1bn more than the previous year’s total of £828.1bn. That’s a more than £200bn rise since 2019/20, when receipts stood at £633bn. Over the past two decades, the total has more than doubled.

A surge in stamp duty land tax (SDLT) helped drive the increase. In March 2025 alone, £1.4bn was paid in SDLT – the highest March figure since 2022. This was £600m (23%) more than March 2024, as buyers rushed to complete purchases before new thresholds took effect in April. The introduction of higher rates for additional properties also contributed.

Government data shows residential property sales in February 2025 hit 108,250 – over 20,000 more than last year. Stamp duty paid in February was 28% higher than in February 2024 and 13% higher than in January 2025.

Income tax and National Insurance contributions (NICs) have also risen sharply. In March, £23.4bn was collected in income tax – a figure that was once a rarity but is now routine. Only two months of the current tax year saw income tax receipts fall below £20bn.

Despite a 4p cut in NICs, March raised a record £15.1bn. Year-on-year, March was £600m higher, although total NICs for the year are £7bn lower than in 2023/24.

Inheritance tax receipts hit £8.2bn – up from £7.5bn last year, continuing a four-year upward trend.

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