The latest figures from the Office for National Statistics show that tax receipts were brimming over at the public coffers in January, resulting in a record surplus since records began in 1993 of £17bn on the current budget as a result of a surge in corporation tax payments and income, reflecting net lending of £14.1bn.

Net lending was up on £11.8bn in January 2007, and easily surpassed analysts’ forecasts for a surplus of £10.0bn last month, The Times reports.

Corporate tax payments and a surge in income soared 22% and 15%, respectively on last year, despite the computer glitches which affected HMRC online self-assessment filing system at the end of last month. The statistics office said the self-assessment tax intake was up about 25% on the same month last year.

Although the surplus has raised hopes that the government could meet its fiscal targets for the year, economists have warned that public finances are likely to deteriorate in the coming months.

Further reading:
Company tax receipts plummet by £576m
Record tax receipts boost Brown
Read story in The Times