In the 2017-18 tax year, £8.3bn of CGT was paid, and £55.4bn of net gains (after deduction of losses) was reported by 265,000 individual UK taxpayers. This compares with £180bn of income tax paid in that tax year by 31.2m individual taxpayers.

However, a significantly larger number of 500,000 taxpayers are required to report disposals each year, including those making losses or with no tax to pay because any net gain is covered by the annual exempt amount of £12,300.

This second report from OTS covers a wide range of areas - from moving home to getting divorced, running or investing in a business or issues affecting land transactions. It also highlights a broader concern about the low level of public awareness of the tax, and the extent to which the administrative systems could do much more to support taxpayers.