Government receipts from Capital Gains Tax have rocketed by £5bn in two years, prompting a warning that more clients face being hit by the tax.

The number of higher rate taxpayers in the UK is set to increase 65% over the next four years from 4.1m to 6.8m, according to the latest figures from the Office for Budget Responsibility (OBR).

Over a quarter of married couples have household wealth of over £1m, according to the Office for National Statistics.

In 2020/21 61.3% of pension pots over £50,000 cashed in were withdrawn without financial advice, a rise from the 58.9% seen the previous year.