Is your area a Capital Gains Tax hotspot – how hard will it be hit by the Budget?

With a rise in the Capital Gains Tax (CGT) rate anticipated in the October Budget, data provided by HMRC shows that residents in Wimbledon, Guildford, and Cranleigh are likely to face substantial increases in their tax bills.

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

RankLocal authorityCGT bills (2021/22)
1Kensington and Chelsea£1.164bn
2Westminster£573m
3Buckinghamshire£378m
4Camden£371m
5Wandsworth£330m
6Richmond upon Thames£260m
7Hammersmith and Fulham£246m
8Elmbridge£225m
9Barnet223m
10Cheshire East£190m
11Leeds£152m
12Islington£137m
13Windsor and Maidenhead£136m
14City of Edinburgh£136m
15Wiltshire£133m
16Merton£130m
17Cheshire West and Chester£129m
18South Oxfordshire£125m
19Waverley£125m
20Southwark£118m
21Haringey£116m
22Chichester£116m
23South Cambridgeshire£108m
24Harrogate£104m
25East Hertfordshire£103m
26Lambeth£101m
27Dorset£101m
28Ealing£100m
29Bath and North East Somerset£99m
30Sevenoaks£97m
31Bournemouth, Christchurch and Poole£97m
32Guildford£94m
33Brighton and Hove£92m
34West Oxfordshire£90m
35West 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.

Meet the team

Author picture
With a rise in the Capital Gains Tax (CGT) rate anticipated in the October Budget, data provided by HMRC shows that residents in Wimbledon, Guildford, and Cranleigh are likely to face substantial increases in their tax bills.

Is your area a Capital Gains Tax hotspot – how hard will it be hit by the Budget?

Contact Us

In order for us to direct your enquiry to the right person at TWM Solicitors, we need to know a little more about you and what are you looking for.

Please complete the boxes below and we will forward on directly to the most appropriate person.

Thank you for contacting TWM Solicitors, your completed form has been sent successfully. If this is an enquiry we are able to assist with, one of our team will be in contact with you as soon as possible. Please note, this may not be until the next working day, and during business hours. If you require urgent assistance, please call: 0330 555 0440.