The Labour government has not ruled out changes to CGT, albeit stating that there are no plans to do so, and the tax was not mentioned in the manifesto which was light on tax policy.

CGT was cut by 2% for landlords in the March Budget on a temporary basis by the previous government.

With finances under pressure, this could be an area Chancellor Rachel Reeves decides to target.

Sarah Coles, head of personal finance at Hargreaves Lansdown warned: ‘If they don’t get the robust growth they need in order to make their sums add up, there’s a risk this particular tax is in the frame.

‘If the government doesn’t make any tweaks at all, you could still pay more capital gains tax – thanks to frozen income tax thresholds. CGT rates depend on your marginal tax rate, so if the freeze has pushed you from basic rate to higher rate tax, your capital gains will cost you more.’

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