HMRC’s summer receipts: the quiet climb continues as the summer draws to a close

As another summer edges into autumn, HMRC’s tax receipts show little sign of cooling off. In fact, HMRC collected £322.7bn in Tax and National Insurance Contributions (NIC) between April and July 2026, £19.1bn more than the same four months last year and roughly 14% above the equivalent period in 2024. Income tax, Capital Gains Tax (CGT) and NICs accounted for £189.8bn of that, up £13.2bn year on year, with PAYE alone contributing £173.2bn.

Business taxes rose 13% to £31.6bn, driven by Corporation Tax receipts from UK companies, while stamp taxes climbed 8% to £6.9bn, and VAT brought £64.8bn into the Treasury’s coffers.

For business owners, investors, and trustees, the detail matters more than the headline numbers. Individual CGT receipts in July reached £194m against £165m a year earlier, following a record £22.2bn across 2025/26, comfortably ahead of the previous £16.9bn high in 2022/23, reflecting the combined effects of higher CGT rates, fiscal drag and the reduction in the annual exempt amount. The OBR now expects CGT to reach £34.9bn by 2030/31.

Inheritance Tax (IHT) produced £3.2bn over the four months, £0.1bn higher than last year, with June 2026 the highest month on record. IHT growth looks to have temporarily moderated, with some suggesting a weaker property market in London and the South has taken some heat out of estate valuations. However, April 2026 brought the cap on assets qualifying for 100% agricultural and business property relief, and the full impact of those changes is unlikely yet to be reflected in tax receipts. From April 2027, unused pension funds will also fall within a deceased estate for IHT purposes, which is expected to create a significant increase in IHT receipts.

None of this stems from a headline rate rise. Frozen thresholds and rising asset values are doing the work for the Treasury.

So as the summer draws to a close, the direction of travel remains clear: the tax take continues to rise, and some of the most significant IHT changes are still working their way through the system. It is therefore more important than ever to ensure that available reliefs are being claimed and that proactive tax planning is considered wherever appropriate.

If you would like to discuss how these changes may affect you, your family or your business, please contact Steven Martin using the details below.