Recent figures released by HMRC have revealed that the government has collected a whopping £18.1bn in capital gains tax in 2022/23, marking a £7bn increase compared to the previous two years.

With mounting property values and escalating mortgage rates, the more recent surge in capital gains tax (CGT) receipts is partly attributed to buy-to-let landlords selling their properties. 

The recent reduction in the CGT annual tax-free exemption from £12,300 to £6,000, with a further decrease to £3,000 scheduled from April 2024, may also have accelerated asset sales to benefit from the higher tax-free allowance. 

Adding to these soaring CGT takings are the multiple capital gains tax traps that can easily catch people off guard.  Many are not aware that simply giving away property, shares, or other investments can result in an unexpected tax bill.  For instance, if a parent gifts a property or a share portfolio to their children, this would likely be considered a disposal and subject to CGT.

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To discuss asset sales, past or proposed, or anything else CGT – feel free to get in touch with our Private Client tax team.

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