Insights

The end of October saw the release of HMRC statistics for CGT in 2014/15 and it wasn’t pretty. Capital gains liabilities increased by 25% to £6.9bn from the previous year’s figure of £5.5bn to reach the second highest figure ever. The only higher CGT take was after the 2007-08 financial year when capital gains tax liabilities reached a record high of £7.7bn. HMRC noted that this latest increase was largely driven by growth in the equity and property markets, as capital gains tax is charged on the profits made when certain assets are sold or transferred. There was also a… continue reading