As UK debt has risen above £2 trillion, Chancellor Rishi Sunak is being advised by the Treasury to raise the top rate of UK capital gains tax to 40%.

The Chancellor is expected to deliver his next budget this autumn - normally held in October or November, but a second wave may push it back.

Current UK capital gains rates:

• Basic rate taxpayers (total income up to £50,000) is 10% for gains (but 18% on residential property).

• Higher rate taxpayers (income above £50,000) is 20% for gains (28% on residential property).

Under the proposed changes, capital gains tax rates would be raised to match income tax rates.

Capital gains tax (CGT) on asset sales would double from 10% to 20% for basic rate taxpayers, and from 18% to 20% for gains on property sales.

For higher rate and additional rate taxpayers, CGT could double from 20% to 40% on asset sales and 28% to 40% on property sales.

In addition, the Treasury has also held discussions over scrapping the various reliefs applied to CGT.

Those tax reliefs include:

• Capital Gains tax-free allowance of £12,300 per person, per year (the CGT allowance is in addition to the UK personal income tax allowance)

• Business Asset Disposal Relief (Entrepreneurs' Relief) - CGT is reduced to 10% for shareholders selling shares (when you own at least 5% of the business) and to business owners selling business assets, capped at a lifetime allowance of £1 million 

• Individual Savings Accounts (ISAs) - any capital gains on shares or funds held in an ISA are free from UK CGT

• Pension tax relief - investment growth of the assets held within registered pension schemes is exempt from income and capital gains tax

Other potential tax increases being considered are:

• Reducing pensions tax relief - potentially capped to 20 per cent so higher taxpayers will lose half the tax relief

• Increase in petrol and other duties

• A tax on online shopping

• Reviewing inheritance tax, with a view that additional taxes can be claimed