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

PA360 North: Budget could see Labour make 'controversial decisions'

PA360 North: Budget could see Labour make 'controversial decisions'

Government not afraid to make contentious changes

Jenna Brown
clock 01 October 2024 • 1 min read
How cash savers could be making moves to protect themselves from tax

How cash savers could be making moves to protect themselves from tax

In total last tax year, we paid £1.1trn in tax

Laura Suter
clock 26 September 2024 • 3 min read
IHT receipt rises 'not enough to fill government's black hole'

IHT receipt rises 'not enough to fill government's black hole'

The tax is seen as a likely reform target in October’s Autumn Budget

Jen Frost
clock 20 September 2024 • 3 min read