Figures released today by HMRC show that the capital gains tax take increased to £6.9bn for the 2014/15 tax year compared to £5.5bn for 2013/14, a 24.6 per cent increase.
George Bull, senior tax partner at RSM said:
‘With its relatively low yield, it’s easy to dismiss capital gains tax as a Cinderella among taxes. Details published by HMRC today are therefore important in showing that capital gains tax receipts for 2014/15 are running at their highest level since the tax rules changed on 23 June 2010. At £6.9bn, capital gains tax for 2014/15 accounted for 1.4 per cent of all taxes, compared with 1.1 per cent in 2013/14. During the same period, total tax collections increased by only 4.4 per cent. More taxpayers were also affected, 242,000 in 2014/15 compared with 214,000 in 2013/14.
‘Capital gains tax is paid by individuals and by trusts. Among individuals, 57 per cent of the tax is paid by men, 43 per cent by women. For comparison, in 2008/09 of individual capital gains taxpayers 60 per cent were men and 40 per cent were women.
‘With the average capital gains tax bill running at around £28,500, this Cinderella of taxes will not go unnoticed by those who have to pay it.’