Just 200,000 people could be set to get around £3,000 a year average tax cut in Capital Gains Tax under the giveaway announced in George Osborne’s Budget.

While at the same time over 300,000 disabled people were set to lose over £3,000 a year in their Personal Independence Payments under the Chancellor’s plans until Labour forced a U-turn from the government last week.

According to research from the Labour Party just 0.3 percent of the population, including the very richest in our country, could gain this bonus of around £3,000 a year.

The most recent Treasury figures show that around 200 thousand individuals paid Capital Gains Tax in 2014, of which 5,000 taxpayers disposed of taxable assets worth up to and above £1 million.

There were also 23,000 more CGT payers with taxable income over £150,000 in 2013-14.

Notably these taxpayers had made 50% more gains in 2013-14 than in the previous year.

Among those in this group 2,000 had taxable incomes above £150,000 and gains over £1 million.

Those who paid capital gains tax according to Treasury figures also tended to be men (57%).

And the largest taxpayers likely to benefit were from London and the South East.

And most of the chargeable gains came from the trading of financial assets (69%) such as shares.

John McDonnell MP, Labour’s Shadow Chancellor commenting on the findings said:

“The Banker’s Chancellor has been shown again to be looking after a wealthy minority.

"These figures show the priorities of George Osborne, he planned to fund this £3,000 giveaway to 0.3% of the population by taking over £3,000 from hundreds of thousands of disabled people.

"When you consider the small number who benefit from this tax cut or that the pattern of taxable receipts from Capital Gains Tax come from those who trade in financial assets, it blows apart any claim the Tories make about ‘we are all in it together’.

"This crass tax cut should not be going ahead, because we need an economy that works for the many not tax cuts for the few.”