Adding to the bumper revenues, Capital Gains Tax receipts were up by a fifth on the previous January, according to accountancy, tax and advisory firm Blick Rothenberg.
 
Paul Haywood-Schiefer, a personal tax manager at the firm, said: “These are significant increases for January in both taxes, and although the overall picture during the year is not quite at this level, self-assessment receipts are still up 10.57% and CGT up 11% in the last 12 months overall.

“Given inflation has dropped to 1.8%, this is still impressive. To put it into actual figures, the tax take for these two taxes is £3bn more in January 2019 alone, than it was last January (2018).”

He added: “The figures basically relate to income and gains arising in the period to 6 April 2018, as 31 January 2019 was the due date for payment of the tax for those in the self-assessment regime.”
 
Blick Rothenberg says those in self-assessment are generally higher earners, business owners, the self-employed, those with rental properties and those with significant investment income.

These people quite often have more control over their income and gains than those who are just taxed under PAYE through employment.

This means there are many possible reasons for the increases in the income tax element, ranging from individuals taking dividends early, increased business profits, and HMRC’s restriction on mortgage interest relief for those with rental properties, says BR.
 
Mr Haywood-Schiefer said: “In terms of Capital Gains Tax, if you look deeper at the other statistics, UK residential property transactions were only 0.04% up over the 2017/18 tax year, so that leads me to believe that more of the sales are related to shares rather than on properties, or at least if properties were being sold, these were long held investment properties leading to higher capital gains.

“CGT figures fluctuate in reaction to events (the CGT receipts in 2008/09 increased by over £2.5bn from 2007/08) so it is likely Brexit and the calling of the General Election had some impact on the figures as investors reacted to these.”