Our latest CGT research – which shows that Londoners paid £2.5bn last year, up 24% from the previous year – has been covered by Jessica Clark over at City AM.
Our analysis shows that London accounts for 29 per cent of the tax, despite being home to just 13 per cent of the UK’s population. Residents in the London borough of Kensington & Chelsea paid £516m alone last year (six per cent of the bill), despite housing just 0.2 per cent of the country’s population, making it the UK’s CGT hotspot.
Gary Robins, our Head of Business Development, says:
“The government’s take from Capital Gains Tax rises virtually every year, and it’s taxpayers in London that are carrying a huge amount of that burden.”
“More taxpayers should look into whether Enterprise Investment Scheme (EIS) investment might be a sensible way for them to defer enormous capital gains tax bills, as well as saving on income tax and inheritance tax.”
“If, as rumoured, the CGT rate is further increased, the use of EIS investments to reduce CGT bills will become even more important.”
The full City AM article is available to read online – Londoners pay 'astonishing' 30 per cent of UK's capital gains tax
The research has also been covered by The Express (Capital gains tax mapped: One London borough will bear the burden of CGT changes) and Wealth Adviser (London taxpayers pay nearly 30 per cent of the UK’s capital gains tax).