HMRC have released further annual statistical updates covering Capital Gains Tax and Tax Relief. We summarise some of the key points, interesting figures and the costs of providing a range of tax reliefs.
Capital Gains Tax
2020-21
- 2020-21 was a record-breaking year for Capital Gains Tax (CGT). Total CGT amounted to £14.3 billion an increase of 42%.
- 45% of the CGT take came from those who made gains of £5 million or more, this represented 1% of CGT payers.
- 8% of the CGT take came from 47,000 taxpayers disposing of assets qualifying for Business Asset Disposal Relief (BADR).
- London and the South East of England accounted for 40% of CGT taxpayers.
2021-22
- The CGT on UK property service was used by 129,000 taxpayers reporting £1.7bn of tax on residential disposals a 50% increase compared to 2020-21.
Tax relief statistics
The costs of providing key tax reliefs for the 2020-21 tax year are as follows:
| Tax relief | Cost of providing relief |
| Private Residence Relief | £28.4bn |
| Relief for pension contributions | £19.8bn |
| Research & Development: SME Scheme | £4.7bn |
| Transfers between spouses and civil partners | £3.8bn |
| Annual Investment Allowance | £3.8bn |
| Research & Development: RDEC Scheme | £3.8bn |
| Individual Savings Accounts (ISAs) | £3bn |
| Employment Allowance | £2.4bn |
| Charitable Donations including Gift Aid | £2bn |
| Residence Nil Rate Band | £1.8bn |
| Termination payment exemption | £1.8bn |
| Patent Box | £1.2bn |
| Business Property Relief | £1bn |
| IHT gifts to charities | £780m |
| Business Asset Disposal Relief | £600m |
| Marriage Allowance | £560m |
| Enterprise Investment Scheme | £500m |
| FIlm Tax Relief | £340m |
| Personal Savings Allowance | £300m |
| SDLT First-Time Buyers Relief | £190m |
External links
National statistics: Capital Gains Tax commentary
Are you enjoying our content?
Thousands of accountants and advisers and their clients use www.rossmartin.co.uk as their primary TAX resource.
Register with us now to receive our receive our FREE SME Topical Tax Update & newletter.
