Posts tagged "capital gains tax"
CGT over time - the chart looks like someone having a heart attaack
Jun 18, 2026 Policy

The history of UK capital gains tax in five charts

This article looks at the history of UK capital gains tax, and how revenues have changed when the rate and rules changed. There’s a separate article on reforming CGT here. The chart at the top of this page shows what happens if you plot UK capital gains tax revenues as a % of GDP since […]
Companies House filing showing Nikolay Storonsky changing his residence from UK to UAE
Oct 11, 2025 Analysis

Could we have stopped Revolut’s founder from leaving the UK?

Nik Storonsky, the billionaire founder of Revolut, has reportedly left the UK and become tax resident in Dubai – a move that could save him more than £3 billion in UK capital gains tax. His departure raises a larger question for the UK tax system: could we have stopped him leaving? Either with the carrot […]
houses
Aug 21, 2025 Analysis

Will Labour tax your house sale? Why CGT on homes makes no sense

Reports suggest Labour may introduce capital gains tax on home sales in the Autumn Budget. It sounds like an easy revenue raiser – but the evidence shows it would slash transactions, gum up housing chains, and could even collect less tax overall. With stamp duty already doing huge damage, the last thing we should do […]
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Oct 16, 2024 Policy

How to reform capital gains tax and cut income tax

Capital gains tax (CGT) is currently both too high and too low. It taxes investors at too high a rate when they’ve put capital at risk, only to see it eroded by inflation. But it enables a very low rate of tax for people who haven’t put capital at risk, but are able to pay […]
a confused woman facing both ways
Apr 12, 2024 Analysis

Are you living with your spouse? The unreal world of capital gains tax

It’s very hard for normal people to understand tax legislation, and it’s often equally hard for tax lawyers, unless they have a deep familiarity with the rules. Here’s an example, promoted by the Angela Rayner CGT controversy (although I don’t believe this point has any bearing on her position). A couple who are not living […]
Angela Rayner
Feb 29, 2024 Analysis

Did Angela Rayner fail to pay CGT on her house sale?

There is currently press speculation that Labour Deputy Leader Angela Rayner failed to pay CGT on her house sale. Ms Rayner’s statement suggests she may have misunderstood the law. In some scenarios that could mean she failed to pay CGT of up to £3,500, but potentially less or zero. The amount of tax involved is […]
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Feb 28, 2024 Policy

The UK tax system favours capital gains. Is it an outlier?

The recent publication of Rishi Sunak and Keir Starmer’s tax returns brought into focus the large difference between the marginal rates of tax on employment income (47%) and capital gains tax (20% for shares; 28% for real estate). Many people propose closing this gap. But how unusual is it in an international context? What do […]
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Oct 6, 2023 Analysis

Did the Good Law Project just kill carried interest?

The “carried interest loophole” means private equity executives pay tax at the low, low, capital gains rate of 28%, and not the 47% rate that an equivalent banker would pay. Earlier this year I wrote a slightly controversial paper, published in the British Tax Review, which suggested that the loophole didn’t actually exist. I said […]
Lord Sugar tried to avoid £186m tax payment as a non-UK resident The peer didn't realise that being in the Lords automatically made him based in Britain
Sep 10, 2023 Analysis • Policy

Why Alan Sugar failed to become a tax exile, and why so many others succeed.

The Sunday Times has a remarkable story that Lord Sugar tried to avoid tax by leaving the UK for Australia. The idea was that he’d cease to be UK resident, and so would escape £186m of tax on some very large UK dividends. Somehow neither Sugar, his team, or his advisers ever thought to do […]

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