Tax Yields: British Nationals Abroad
The question
To ask the Chancellor of the Exchequer, pursuant to the Answer to Written Question 25789 on Tax Yields: British Nationals Abroad, whether her Department made an assessment of the potential impact of (a) changes Capital Gains Tax and (b) the Autumn Budget on the number of wealthy taxpayers domiciled in the UK before they were announced.
Answered by James Murray
The Government assessed the impacts of all Budget measures across all levels of income. This includes the impact upon wealthy taxpayers domiciled in the UK. These impacts, grouped together cumulatively, are published online here:
https://assets.publishing.service.gov.uk/media/672156834da1c0d41942a8c9/Impact_on_households.pdf
In determining the Capital Gains Tax (CGT) costings, which were signed off by the OBR, a range of potential behavioural responses were analysed. CGT is paid by fewer than 1% of adults every year, and the Budget changes to CGT will primarily affect people selling financial assets beyond the ISA allowance. The UK’s CGT rates remain internationally competitive.
The Government publishes Tax Information and Impact Notes (TIINs) for all Budget measures, and the TIIN for CGT can be found here:
https://www.gov.uk/government/publications/changes-to-the-rates-of-capital-gains-tax/1cf25453-5b0c-4e7b-9165-65cf117e0af0
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