Utmost said the OBR’s latest Fiscal Risks and Sustainability Report showed demographic change and wealth transfer are likely to drive higher Inheritance Tax and Capital Gains Tax receipts over the coming decades.
Former chancellor Jeremy Hunt has warned that raising Capital Gains Tax above 24% would reduce revenues by changing investor behaviour.
HMRC data shows capital gains tax receipts reached a record £22.2bn in 2025-2026, exceeding forecasts and previous highs.
According to the OBR, capital gains tax is forecast to raise £13.3bn this tax year – equal to 0.5% of GDP – which is 8.5% lower than receipts for 2023-24.