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.
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.
Rebecca Fisher 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.
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.
Rebecca is a partner in the private client group advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.
She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning.