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There’s been lots of speculation that Chancellor Rachel Reeves is looking to raise Capital Gains tax in her upcoming budget.

Capital Gains tax (CGT) raises around £15 billion a year, which is less than 2% of total tax revenue, and it’s paid by less than 1% of the adult population. But it’s important for both the fairness and efficiency of the tax system.

In this episode, we’ll explore why CGT reform is necessary and how changes could make the tax system fairer, more efficient, and better aligned with long-term economic growth. We’ll also ask what Rachel Reeves would need to do if she wants to raise significant additional revenue from taxing capital gains.

To explore that, Paul is joined by IFS Deputy Director, Helen Miller and Dan Neidle, a tax lawyer and founder of Tax Policy Associates.

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