24 Feb 2026Data published by the Office for National Statistics (ONS) has shown that increases in Capital Gains Tax (CGT), employers' National Insurance contributions (NICs) and Income Tax receipts helped the government reach a record surplus in January. The rise in tax receipts outpaced spending and generated a £30.4 billion surplus in January, the ONS revealed. Inheritance Tax (IHT) receipts totalled £7.1 billion in the first ten months of the 2025/26 financial year, the data showed. Experts believe annual receipts could rise even further as a result of changes to IHT announced at the 2024 Autumn Budget. The uptick in tax receipts will be welcome news for Chancellor Rachel Reeves ahead of the Spring Statement on 3 March. James Murray, Chief Secretary to the Treasury, commented: 'We know there is more to do to stop one in every £10 the government spends going on debt interest, and we will more than halve borrowing by 2030/31 so that money can be spent on policing, schools and the NHS.'