Some believe that matching the rate of CGT to income tax would raise significant amounts of revenue for the Treasury, with the highest rate at 28%. However, as Rowan Morrow-McDade, tax director at Alexander & Co said on LinkedIn: ‘Another day, another misinformed person on Twitter. They state that doubling capital gains tax will effectively double the tax take from it. But of course, things don’t work like that.

‘This is particularly so for capital gains tax, where taxpayers can broadly choose to crystalise gains or not. HMRC’s own statistics show that increasing capital gains tax by 10% would actually decrease the tax take by £400m in 25-26 and around £1bn in 2026-27.’

Dan Neidle, founder of Tax Policy Associates agreed, saying: ‘If you look at what happens if you raise the higher rate of CGT and equalise it, you don’t get £5bn of revenue, you lose about £2bn, equalising rates is a dangerous move.’

This