Tax receipts for February reached £68.8 billion, up £2.5bn on the same month last year. From April 2024 to February 2025, HMRC collected £787.2bn in total, £25.5bn more than the same period in 2023/24.
One of the biggest surges came from stamp duty land tax (SDLT), which rose 20% year-on-year to £1.05bn in February. This was largely driven by buyers rushing to complete transactions before the current SDLT thresholds change on 1 April.
First-time buyers, in particular, have been keen to take advantage of the £250,000 tax-free threshold before it reverts to £125,000. March’s figures are expected to be even higher, although Rightmove anticipates strong activity will continue beyond April due to sustained buyer demand.
So far this tax year, SDLT has raised £12.4bn, compared to £10.7bn last year.
Inheritance tax (IHT) receipts also hit a record high. In February alone, £612m was paid – the first time this figure has exceeded £600m in February. IHT receipts are up 11.8% annually, totalling £7.6bn.
The combined total for income tax, capital gains tax (CGT), and National Insurance contributions (NICs) was £448bn; PAYE and NICs accounted for the bulk of this, at £384.9bn.
Self assessment income tax was down nearly £400m, and CGT fell by £600m, likely reflecting an earlier spike in asset sales around the 2023 Autumn Statement.
VAT receipts increased by £950m to £16.2bn.
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