Record tax haul amid Brexit uncertainty put Treasury £15bn in the black in January in huge boost for Chancellor

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Record tax haul amid Brexit uncertainty put Treasury £15bn in the black in January in huge boost for Chancellor



A RECORD tax haul from squeezed Brits put the Treasury £15billion into the black in January – it emerged.
Official figures revealed income from Self-Assessment and Capital Gains hit an all-time high in the month.
PA:Press Association Experts said it was a huge boost for the Chancellor ahead of his upcoming Spring statement given the uncertainty over Brexit
It means borrowing in the first ten months of the 2018-2019 financial year fell to £21.2billion — the lowest for 17 years.
Experts said it was a huge boost for the Chancellor ahead of his upcoming Spring statement given the uncertainty over Brexit.
But they warned Philip Hammond would still likely to have to cut growth forecasts in the update next month.
Thomas Pope, research economist at the Institute for Fiscal Studies, said: “Even in spite of today’s good news, there could be tricky fiscal arithmetic for the Chancellor.”
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The figures revealed self-assessment income tax receipts were £14.7billion in January – up almost £2billion.
Capital gains tax receipts – for instance from sales of shares and second homes – jumped £1.2 billion to £6.8billion.
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