Revenue from capital gains tax reached a new high in the 2019-2020 tax year, bringing in £9.5billion for the Government, according to new HMRC data. These figures came despite the fact that the number of people paying the levy has continued to decline. Last year 265,000 taxpayers paid capital gains tax, down from 276,000 in 2018-19 and 281,000 in 2017-18. The latest figures show that nearly 41 percent of capital gains tax is paid by around 2,000 taxpayers who made £5million or more in taxable gains.
However, with the allowance set to remain at £12,300 until 2026, it’s expected that more and more people will find themselves with a tax bill in the coming years.
But reports of another plan being considered by Chancellor of the Exchequer Sunak is causing concerns over significantly higher bills.
Analyst at AJ Bell, Tom Selby, tells Express.co.uk that it is “very possible” capital gains tax will be aligned with income tax.
He added: “The Office for Tax Simplification’s proposals edged towards aligning the two taxes.
“The impact of that would be someone disposing of an asset would pay…
