Recent uncertainty has caused a rise in capital gains tax (CGT) receipts, the latest HMRC data revealed today.
CGT receipts for the 2020-21 tax year have already exceeded any for the previous 12 tax years, and there is still a month to go.
Total receipts for the tax year could exceed £10bn.
Neil Jones, tax and wealth specialist at Canada Life, commented: "The latest data from HMRC shows CGT receipts could exceed £10bn this tax year, which would mark a record year of receipts exceeding any of the 12 previous tax years."
"The increase in receipts is caused by more gains being realised which would reflect investors' uncertainty around the future of Capital Gains Tax. Many were expecting the Budget speech to include a rise in rates from 6 April 2021 but this did not happen."
Jones added; "Will people continue to realise gains ahead of any potential changes further down the line? This may depend on the consultations expected next week as part of ‘Tax Day' and could provide the government with a windfall ahead of any changes."
