HMRC rakes in record high tax receipts but there are legal ways you can pay MUCH less

A decision to freeze the capital gains tax threshold in March 2021 has earned the treasury billions of pounds in taxes, latest figures have revealed.

New data published by HMRC shows that in the 2020 to 2021 tax year the total amount of Capital Gains Tax (CGT) liability was £14.3 billion for 323,000 taxpayers.

Julia Rosenbloom, tax partner at Evelyn Partners said: “HMRC’s latest annual update shows the continued importance of CGT receipts to the Treasury.

“While we wait for the new prime minister to take office in early September, when tax reforms could subsequently be announced in a new budget, families may wish to give thought to their tax planning and make the most of their current allowances and the relatively low rates of CGT before any changes are introduced.”

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