CGT liabilities hit record £24.2bn following Budget reforms—eprivateclient
Partner Matthew Radcliffe has been quoted in an article from eprivateclient on the subject of record Capital Gains Tax receipts and the importance of maintaining a competitive UK tax environment amid potential future reforms.
The article reports that Capital Gains Tax liabilities reached a record £24.2 billion in 2024/25, with taxpayers declaring £127 billion of gains following higher tax rates, reduced allowances and activity brought forward ahead of recent tax changes. The piece explores the impact of these reforms, the growing contribution of crypto-asset gains to CGT receipts, and the debate over whether the rise in revenues reflects long-term structural change or short-term behavioural responses. It also considers how policymakers can balance revenue generation with the need to encourage investment, entrepreneurship and economic growth ahead of the 2026 Autumn Budget.
While receipts are at record levels, they are heavily dependent on a relatively small number of taxpayers with substantial gains. At a time when countries are competing for internationally mobile entrepreneurs, investors and business owners, maintaining a stable and competitive tax environment will be essential if the UK is to retain and attract the individuals who generate a significant proportion of these revenues.
The full article is available to read at eprivateclient by subscription only.
About Matthew
Matthew Radcliffe is a partner in the firm's private client team, advising high net worth individuals and families on succession planning, trusts, estates and personal tax matters. He specialises in helping clients preserve and pass on wealth across generations.
