Its website revealed that the Treasury would receive just £1.6bn in CGT tax receipts for 2002/2003 compared with £3bn the previous year.
The dramatic drop was brought about by falling share prices as well as the increasing use of taper relief on capital gains, introduced to encourage investment in smaller companies.
Total revenue tax receipts also fell, dropping by £3bn from £154bn to £151bn.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory