Increase in total amount of capital gains tax paid

The total amount of capital gains tax paid in Northern Ireland and the rest of the UK rose to £3.8billion in 2013-14, with 154,000 people liable for the tax.

The amount of capital gains tax being paid is still less than half the amount before the recession, when £7.7billion was paid in 2007-08. There were 6,000 more people liable for capital gains tax compared to the previous year, and individuals paid a total of £3.5billion. There were 15,000 trusts liable for payment of the tax.

The figures for 2013-14 are based on the disposal of assets two years ago, which totalled £49billion. The large majority of disposals (83 per cent) related to financial assets, with the next largest type of disposal relating to residential property. Northern Ireland and the North East of England had the least amount of tax payers liable for capital gains tax.

If you require advice in respect of capital gains tax from a tax expert in Northern Ireland, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9288.