CGT ready for revision?

Posted on 21 Feb 2024
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Notting Hill CGT exceeds three Northern cities combined

A study has found that capital gains tax (CGT) in the UK is heavily concentrated among a small number of postcodes and ultra-high earners. Notting Hill residents alone paid more in CGT in 2020 than the combined populations of Manchester, Liverpool, and Newcastle. The study, based on anonymised data from HMRC, revealed that fewer than 1 in 30 Britons have paid CGT in the past decade, with most of those who did residing in the south east of England. Researchers from the University of Warwick and the London School of Economics also noted that over half of the CGT paid in 2020 came from just 5,000 individuals, who received gains averaging £6.8m. The study suggests that the Government could raise CGT rates without impacting the majority of the population, but opponents argue that this could discourage investment and enterprise.

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