London and South East accounting for half of capital gains
![London and South East accounting for half of capital gains London and South East accounting for half of capital gains](https://i1.wp.com/www.propertywire.com/wp-content/uploads/2020/11/shutterstock_1155498490.jpg?w=780&resize=780,470&ssl=1)
Some 50% of capital gains are being charged to people in London and the South East, likely due to the high cost of property in those areas.
Liabilities on residential property increased by 7% year-on-year.
The total Capital Gains Tax (CGT) liability was £14.4 billion for 369,000 taxpayers, realised on £80.6 billion of gains.
In the tax year 41% of CGT receipts came from gains of over £5 million.
Dawn Register, head of tax dispute resolution at BDO, said: “Whether or not a rise in CGT is on the cards for this October’s Budget, this increased speculation may well convince some to bring forward their plans to dispose of property or other assets.
“And in fact, this could be very useful for a Government keen to maximise tax revenues in the current year, with CGT on the sale of a second property due within 60 days of completion.
“Of course, it’s also possible to reduce your tax bill by deducting losses, so this could encourage people to hold on to loss-making assets pending any eventual rise in CGT rates.”