This Note uses the British Household Panel Study (BHPS) to consider the changing volume and distribution of voluntary association membership (and hence social capital) in Great Britain. We aim to supplement Hall's study of trends in social capital published in this Journal with more recent and longitudinal data. This allows us to show that whilst the volume of social capital is not declining, it is becoming increasingly class specific, and that its relative aggregate stability masks considerable turnover at the individual level. These findings are significant for current debates on social capital.