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Capital Gains Tax

Question for Treasury

UIN 77449, tabled on 18 November 2021

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the IPPR recommendation, published 7 September 2021, which noted that raising tax on capital gains to the same level as income tax would raise an estimated £90 billion over 5 years.

Answered on

23 November 2021

Capital Gains Tax (CGT) is charged on the net profit from the sale of capital assets above the Annual Exempt Amount of £12,300 per year. CGT raised £9.9 billion in the year 2019-20.

Last year, the Chancellor commissioned the Office of Tax Simplification (OTS) to carry out a review of CGT. The OTS made a number of recommendations, and the Government will respond to them in due course.

The Government keeps the tax system under constant review.

Answered by

Treasury
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