Massive rise in taxpayers making gains of more than £1m

The number of taxpayers who made a gain of more than £1m when selling their assets has risen from 6 000 in 2014-15 to 11 000 in 219-20 according to research by UHY Hacker Young.

The total value of gains over £1m made by individuals on the sale of assets such as investment properties and stakes in businesses has doubled to £42bn in 2019-20 up from £21bn in 2014-15.

The accountancy firm says the increase in capital gains made is likely to be driven partly by investors selling portfolios of buy-to-let properties. UK house prices have risen consistently in recent years to an average of £255 535 in July 2021 up 28% from £200 142 in 2015 according to the Land Registry. This has motivated some landlords to take significant profits by selling some of their properties as the tax treatment of buy to...