CGT take hits record £9.5bn—Accountancy Daily and Taxation Magazine

HMRC raised a record £9.5bn of capital gains tax (CGT) in 2018-19, up by over 6% on the previous year, with most of the tax raised paid by the small number of taxpayers who make the largest gains.

Increase in Gains Eligible for Entrepreneurs' Relief

HMRC says the amount of total gains eligible for entrepreneurs’ relief has more than doubled over the last eight years but has grown more slowly than non-qualifying gains over the same period.

Impact of Covid-19 on Capital Gains Tax Receipts

Russell-Cooke partner comments in Accountancy Daily that these statistics do not reflect the impact of recent changes to the regime but that sweeping Covid losses may mitigate any potential increase.

Further Reading on CGT Trends and Insights

CGT take hits record £9.5bn is free to read on the Accountancy Daily website. Rebecca's comments were also featured in Capital gains tax receipts soar to record level in 2018-2019 which is available to read on the Taxation Magazine website via subscription. 

Expertise in Private Client Law and Tax Planning

Our private client team advises families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.