You don’t have to beat inflation to have to pay cap gain.

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Very good point. Even if the value of your asset increases slower than the rate of inflation, you’re on the hook for CGT.

By “beat” inflation I meant hold anything that stores its value better than holding the currency itself.

They’re saying “if you don’t suffer the loss of purchasing power then you have made a ‘gain’ (in nominal terms…) and you owe us.”