Over the entire year, capital gains tax (CGT) was up 13%, generating additional tax for the Exchequer but adding to the woes for taxpayers. Worse still, the CGT allowance has been cut to £3,000 when it was previously £12,300 before it was triggered, warns Hargreaves Lansdown.

CGT isn’t just paid on stocks and shares and investment property, it can be paid on crypto or valuable things sold on online platforms like eBay and Facebook Marketplace..

And it’s not just paid when you sell, it can be due if you give things away, or use crypto to buy things.

Sarah Coles, head of personal finance, Hargreaves Lansdown, said: ‘Capital gains tax is the Luke Hemsworth of tax threats. It’s far less well-known than its tax siblings, and yet carries some serious muscle.

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