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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Advisers push back on IHT plans for pensions

Advisers push back on IHT plans for pensions

Most advisers recommending early pension access and gifting

Sahar Nazir
clock 25 June 2025 • 3 min read
Reform's Zia Yusuf hits back at Britannia Card criticism

Reform's Zia Yusuf hits back at Britannia Card criticism

Tax expert has argued it could cost £34bn

Jen Frost
clock 24 June 2025 • 2 min read
Reform's 'headline-grabbing' non-dom announcement derided as poorly thought through

Reform's 'headline-grabbing' non-dom announcement derided as poorly thought through

Nigel Farage proposes ‘Britannia Card’

Sahar Nazir
clock 23 June 2025 • 5 min read