More capital gains tax paid in 2014-15

Provisional figures show that capital gains tax liabilities for 2014-15 rose to £6.9bn from £5.5bn in 2013-14. This represents a 25% increase.

The number of taxpayers also increased by 13% from 214 000 to 242 000.

George Bull senior tax partner at RSM said: ‘With its relatively low yield it is easy to dismiss capital gains tax as a Cinderella among taxes. Details published by HMRC 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% of all taxes compared with 1.1% in 2013-14. During the same period total tax collections increased by only 4.4%.’

Danny Cox chartered financial planner at Hargreaves Lansdown said: ‘Investors ignore the impact of capital gains tax...