HMRC Defers Capital Gains Tax Impact Report

The HM Revenue and Customs deferred the publication of a report analyzing the impact of increasing capital gains tax (CGT) on July 8, 2026. The agency stated it postponed the release to complete a review of key assumptions underpinning the estimates in the bulletin to ensure the information provided is accurate.

The delay comes as speculation mounts that Andy Burnham, positioned as the likely incoming Prime Minister, may raise CGT rates to fund public services or remove green levies from household bills. This follows previous 2025 analysis from the tax authority indicating that a 10 percentage point increase in the higher rate of CGT would actually decrease Treasury revenues by £540 million.

While senior Labour figures such as Wes Streeting have advocated for aligning CGT with income tax, a spokesperson for Burnham declined to comment on tax speculation. These developments occur against a backdrop of voter expectation, with polling indicating 55% of voters anticipate tax increases under a Burnham government. Chancellor Rachel Reeves previously raised approximately £65bn in taxes over two years but declined to impose a direct levy on asset holdings.