Capital Gains Tax receipts increased by 18% (up £1.4bn) to a record £9.2bn in 2018-19, according to analysis of HMRC receipts by NFU Mutual.

The firm said the tax on gains made from the sale of assets such as second properties and stocks and shares is hitting landlords particularly hard.

Sean McCann, chartered financial planner at NFU Mutual, said: “Landlords are being caught in a very effective pincer movement from the taxman. From one side the higher rate tax relief on mortgage interest is gradually being phased out and making letting out properties less profitable. From the other side, landlords looking to sell buy-to-let properties are being squeezed with an extra eight per cent Capital Gains Tax.

“We’re starting to see those two tax changes start to bite. The most recent CGT figures will largely come from sales made in 2017-18 – coincidentally the reduction of mortgage interest tax relief was introduced in the same tax year. We’re likely to see the tax take from CGT inflated by buy-to-let property sales for the next few years at least.

“Many people selling or giving away a second property, shares or some other investments may be able to significantly reduce or even eliminate a CGT bill by sharing the burden with their husband, wife or civil partner.

“One big advantage that married couples and civil partners have is it’s much easier to swap ownership of assets and potentially reduce CGT bills. Giving assets such as shares or property to anyone other than your spouse or civil partner could trigger a tax bill.

“Savvy couples make sure both individual tax-free exemptions are used up and some if not all the tax bill is paid by the partner paying the lowest rate of tax.

“Anyone who isn’t married can still potentially reduce a CGT bill by selling over the course of two tax years and making use of two lots of Annual Exemptions.”