Data from HMRC suggests that the reduction in the rate of 28% to 24% from 6 April 2024 for residential property transactions may have helped to increase receipts.

Despite the tax rate being lowered, CGT receipts in the period from 1 April 2024 to 31 August 2024 were £854m, up from £778m in the same period the year before.

 That may in part be a product of the property market warming up generally in light of the prospect of interest rate cuts and it could also point to some taking steps to sell up ahead of a potential hike in CGT in the Budget.