People living in Wimbledon, Guildford and Cranleigh are already among the country’s highest CGT payers, so they could be impacted significantly if the Budget includes the expected rate increase.
Residents of the London Borough of Merton – home to Wimbledon – paid £130m in CGT over twelve months, placing them 16th in the country. Guildford residents paid £94m, making it the 32nd highest, while Waverley, the council area that includes Cranleigh, ranked 19th in the table with £125m in CGT paid.
What can people in the South-East do about a rise in CGT in the Budget?
Despite the common perception that CGT primarily affects the wealthy, many modestly affluent people depend on assets that generate capital gains to supplement their income or pension – such as buy-to-let property. The Top 35 list illustrates how unevenly a rise in CGT could impact people across the UK.
Anyone considering selling or gifting assets that could generate capital gains, such as buy-to-let properties or shares, should be aware of how a higher tax rate might impact them following the Budget on 30 October.
The Top 35 areas paying the most CGT will be hit hardest by expected increases in the upcoming Budget
Rank | Local authority | CGT bills (2021/22) |
---|---|---|
1 | Kensington and Chelsea | £1.164bn |
2 | Westminster | £573m |
3 | Buckinghamshire | £378m |
4 | Camden | £371m |
5 | Wandsworth | £330m |
6 | Richmond upon Thames | £260m |
7 | Hammersmith and Fulham | £246m |
8 | Elmbridge | £225m |
9 | Barnet | 223m |
10 | Cheshire East | £190m |
11 | Leeds | £152m |
12 | Islington | £137m |
13 | Windsor and Maidenhead | £136m |
14 | City of Edinburgh | £136m |
15 | Wiltshire | £133m |
16 | Merton | £130m |
17 | Cheshire West and Chester | £129m |
18 | South Oxfordshire | £125m |
19 | Waverley | £125m |
20 | Southwark | £118m |
21 | Haringey | £116m |
22 | Chichester | £116m |
23 | South Cambridgeshire | £108m |
24 | Harrogate | £104m |
25 | East Hertfordshire | £103m |
26 | Lambeth | £101m |
27 | Dorset | £101m |
28 | Ealing | £100m |
29 | Bath and North East Somerset | £99m |
30 | Sevenoaks | £97m |
31 | Bournemouth, Christchurch and Poole | £97m |
32 | Guildford | £94m |
33 | Brighton and Hove | £92m |
34 | West Oxfordshire | £90m |
35 | West Northamptonshire | £87m |
How TWM can help you
If you are considering your tax planning, our specialist private client solicitors can help you navigate the available tax options to protect your interests and secure your financial future.
For further details about our Inheritance Tax planning services, please contact our Private Client team today for an initial no-obligation consultation.