The latest HMRC update published this morning shows that the Chancellor collected £1,583 million in Capital Gains Tax (CGT) through the first two-thirds of 2025/26 (April to November 2025), a rise of 4% or £64 million in comparison with the same period in the previous financial year (£1,519 million).
At the Autumn Budget 2025, the OBR revised up its forecast for CGT receipts by an additional £6.1 billion between 2025-26 and the end of the decade. Of that increase, around £2.7 billion is attributed to the reduced CGT relief on disposals to employee ownership trusts from 2026-27 onwards, while around a further £3.4 billion is forecast to be hauled in by The Treasury due to rising equity prices. CGT is now predicted to raise £20.3 billion in 2025/26 and £27.3 billion by 2029-30.
Inheritance Tax (IHT) receipts recorded a total of £5.8 billion through the first eight months of 2025/26, an increase of £83 million (1%) compared to the same period in 2024/25 (£5.7 billion).
Simon Martin, Head of UK Technical Services at Utmost Wealth Solutions, a leading provider of insurance-based wealth solutions, commented:
On Inheritance Tax statistics:
“With two-thirds of the tax year gone, Inheritance Tax receipts are on track for yet another record year, driven by sustained growth in property and wider asset valuations.
“By extending the freeze on Inheritance Tax nil-rate bands and allowances at the Autumn Budget 2025, more estates are likely to fall within the scope of IHT over the coming years. Combined with the significant structural reforms announced at the Autumn Budget 2024, Inheritance Tax looks set to remain an increasingly important and reliable source of revenue for the Treasury for the foreseeable future.
“That said, it was welcome to see relatively limited further tinkering with the regime in the recent Budget. Stability of tax legislation gives families and advisers greater certainty, allowing them to plan more effectively in what is already a complex and long-term area of financial planning.”
On Capital Gains Tax:
“The Treasury continues to benefit from its reforms to the Capital Gains Tax regime with increased rates announced at the Autumn Budget 2024 expected to drive growing collections.
“These receipts are now forecast to be higher than previously expected thanks to both reduced reliefs on employee ownership trusts confirmed at the Autumn Budget 2025 and ongoing growth in equity and property valuations. Nonetheless, behavioural changes and the so called ‘Mansion Tax’ reforms could yet act as a drag on rising CGT receipts.
“Given the rapid and consequential changes to the Capital Gains Tax regime, we are seeing strong demand for financial planning as people look to both understand how the changes could impact their long-term strategies and to prepare for the future.”
