Rachel Reeves is expected to use her inaugural Autumn Budget to raise capital gains tax (CGT) on the sale of shares and other assets, but not on the sale of second homes.
Existing CGT on profits from the sale of shares is currently levied at 20% and is expected to rise by "several percentage points", according to The Times. As part of the tax hike, Reeves is also expected to end a swathe of reliefs that currently exist, as she attempts to gather revenues to address the £22bn fiscal deficit she inherited. One government source told The Times that potential revenues from this policy could be in the "low billions". A Treasury spokesperson said: "We do not comment on speculation around tax changes outside of fiscal events." Currently, capital gains t...
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