Rubbish Check
Daily Mail Money · 27 August 2026
source“Capital gains tax take soars to record high of £24.2bn – but one off ‘sugar hit’ leaves public finances on shaky ground”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates the Daily Mail's claim that CGT receipts hit a record £24.2bn a 2/10 because the headline states the verified HMRC figure and attributes the "sugar hit" caveat directly to a named tax expert rather than inventing it.
The Verdict
Lightly altered. The headline puts the record number and its own counterweight in the same breath, quoting the "sugar hit" line from a named source rather than presenting it as settled fact. The only nitpick is "shaky ground," an editorial flourish not itself a direct quote, but it fairly compresses warnings from two separate experts quoted in the body.
What actually happened
HMRC data confirms capital gains tax receipts totalled £24.2 billion in the 2024-25 tax year, an 89% increase on the year before. The rise followed Rachel Reeves' October 2024 Budget rate hikes, and HMRC itself flagged that pre-Budget forestalling, investors selling early to dodge the higher rate, inflated the number. Experts quoted in the piece warn the spike may not repeat.
Key facts
- CGT receipts: £24.2bn in 2024/25, an 89% increase on the year before, per HMRC.
- Rate change: basic-rate CGT rose from 10% to 18%, higher-rate from 20% to 24%, effective from the October 2024 Budget.
- Taxpayer count: the number of capital gains taxpayers increased by 181,000, or 45%, to an all-time high of 584,000.
- Concentration: 45% of receipts came from taxpayers with gains of £5m or more, under 1% of total CGT payers.
- Geography: London and the South East accounted for roughly half of total capital gains and liabilities.
- Crypto detail: 240 people reported over £1m in crypto gains; total taxable crypto gains were £1.38bn from 17,600 individuals.
What to watch for
- Watch the next HMRC release for whether receipts fall sharply, that would confirm the forestalling read rather than a genuine new normal.
- The "wealthy leaving the UK" thread and exit-tax speculation could become its own story if outflows show up in future data.
- Any further Autumn Statement rate change could trigger a second wave of forestalling, muddying year-on-year comparisons again.
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.
