Capital Gains Tax receipts hit record high after Autumn Budget

HM Revenue & Customs’ (HMRC’S) latest receipts report, released on 22nd January, showed that December 2024 saw CGT receipts more than double year on year reaching £335m, an increase of £176m or 110% from the previous December. The last quarter of CGT receipts (October – December 2024) totalled a record £808m, an increase of 60% compared to the same period for 2023. 

The Autumn Budget 2024 confirmed that the CGT rates on the sale of some chargeable assets would increase from 30th October 2024, with the CGT rate on carried interest set to increase from April 2025. Speculation ahead of that Budget was rife and included increases in CGT rates and changes to CGT reliefs, with some businesses and individuals taking precautionary action. The result being October CGT receipts alone were £77m higher than the same month in 2023. 

	2024 (£)	2023 (£)	Increase (£/%)
September	192m	165m	27m/16.36
October	251m	174m	77m/44.25
November	222m	172m	50m/29.07
December	335m	159m	176m/110%

Always seek professional advice 

It is more important than ever for individuals and businesses to seek expert accounting advice. Understanding the implications of tax changes and planning accordingly can help you make informed decisions, avoid unnecessary liabilities, and ensure compliance. 

If you have any questions or need assistance with your tax planning, call 01923 944287 or contact our team and we’ll get back to you. 

Last updated: 27th January 2025