"The UK government has posted the biggest ever budget surplus, official figures show, after a large boost in self-assessment and capital gains tax receipts. In a boost for the chancellor, Rachel Reeves, in the run-up to her spring statement next month, public sector finances recorded a surplus of 30.4bn at the start of the year, according to the Office for National Statistics (ONS)."
"The government traditionally records a surplus in January, meaning it earns more in tax revenue than it spends, because of the recording of self-assessment tax receipts in the month. However, this year has been boosted by a rise in capital gains tax receipts because of an increase in people disposing of assets ahead of what they predicted would be a rise in capital gains tax in the 2024 autumn budget."
Public sector finances recorded a January surplus of £30.4bn, the largest monthly total since records began in 1993, driven by strong self-assessment and capital gains tax receipts. Revenue increased significantly year-on-year while spending remained broadly unchanged owing to lower debt interest payments that largely offset higher public service and benefits costs. The January surplus narrowed the first ten months' deficit to £112.1bn, below the Office for Budget Responsibility's forecast of £120.4bn. The rise in capital gains tax receipts reflected increased disposals ahead of announced CGT rate rises in October 2024, when lower and higher rates were increased immediately.
Read at www.theguardian.com
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