Capital Gains Tax: Rishi Sunak to consider tax raid in wake of COVID-19

Ms Coles also highlighted the OTS’ assertion that increasing CTG rates would encourage people to hang on to assets until they pass away.

This may create problems, for instance, for first time buyers struggling to get on the property ladder, while investors hold on to property.

Under current CGT rules, disposing of an asset includes selling it, giving it away as a gift, swapping it or receiving compensation for it.

This is a large umbrella which is likely to have an effect on many Britons, especially as there are also a number of ‘chargeable assets’ such as personal possessions, property and shares. 

Rebecca Durrant, partner at Crowe UK, offered further insight, stating CGT brought in £8.3billion in 2017/18 compared to income tax.