Rubbish Check
Independent Business · 27 August 2026
source“Government collects record capital gains tax as 181,000 more pay up”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates Independent Business's headline that the government "collects record capital gains tax as 181,000 more pay up" a 2/10, because the £24.2bn total and 181,000-taxpayer rise are both accurate HMRC figures, with only a minor omission of the rate-hike mechanism behind the jump.
The Verdict
Lightly altered. The headline states two real, verifiable HMRC numbers with no exaggeration, but by framing the rise as people simply "paying up" it slightly underplays that the record haul was driven chiefly by Rachel Reeves's rate increases and pre-Budget forestalling, not organic growth in taxpayers or gains. The body corrects this immediately, so the distortion is minimal.
What actually happened
HMRC's 2024-25 data shows capital gains tax receipts and taxpayer numbers both hit record highs, following the October 2024 Budget increase in CGT rates. The rise was compounded by investors and landlords rushing to sell assets ahead of the anticipated hike, plus earlier cuts to the tax-free allowance.
Key facts
- Capital gains tax receipts totalled £24.2 billion in the 2024-25 tax year, an 89% increase on the year before, HMRC said.
- The number of capital gains taxpayers increased by 181,000, or 45%, to an all-time high of 584,000.
- The main rate rose from 10% to 18% for basic-rate taxpayers and from 20% to 24% for higher-rate taxpayers on disposals after October 2024, per the article's account of the Autumn Budget change.
- Concentration: 45% of total receipts came from taxpayers with gains of £5 million or more, a group under 1% of all CGT payers.
- Regional skew: taxpayers in London and the south-east accounted for half of the total amount paid.
- New crypto data: 17,600 individuals paid CGT on crypto disposals totalling £1.38 billion in gains, with 240 identified as cryptocurrency millionaires.
What to watch for
Watch whether next year's HMRC release shows receipts falling back, since a chunk of this year's total reflects a one-off "sell now before rates rise" rush rather than a sustainable new baseline. Also watch the Autumn Budget for further CGT changes, which Forvis Mazars' Sean Cockburn flagged as still under Treasury consideration.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
