There has however been one notable exception to this general rule in recent years, as capital gains tax receipts have seen a significant decline from a high of £16.9bn in the 2022/23 financial year to £13.1bn in 2024/25. That represents around a 23% fall in CGT receipts in just two years.

 The reasons for this are varied but, contrary to some reports, this decline is unlikely to primarily be the result of individuals leaving the UK. In establishing the reasons for these lower tax revenues, it is important to understand that CGT receipts are in part a delayed reflection of the economy from a couple of years ago.