Spring Budget 24: Property CGT rate cut to 24%

Jeremy Hunt delivered Spring Budget in House of Commons

Jenna Brown
clock • 2 min read

Chancellor Jeremy Hunt has reduced the rate of capital gains tax (CGT) on property taking it down from 28% to 24% from 6 April.

Addressing the House of Commons today (6 March), Hunt said the reduction would increase the overall number of property CGT transactions and, therefore, increase revenues. Budget documents said the change would support the housing market. It added that the lower rate would remain at 18% for any gains that fall within an individual's basic rate band. "This will encourage landlords and second home-owners to sell their properties, making more available for a variety of buyers including those looking to get on the housing ladder for the first time, while also raising revenue over the forec...

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