Chancellor Rachel Reeves has raised the lower rate of capital gains tax (CGT) from 10% to 18%, and the higher rate of CGT from 20% to 24%.
The rises introduced by the chancellor are up from 10% and 20% for the lower and higher rates, respectively. In her Autumn Budget today (30 October), Reeves said that CGT on residential property will remain unchanged at 18% and 24%. In addition, Reeves said she will increase CGT rates on carried interest to 32% from April 2025, up from 28% as it currently stands. The hike in CGT rates comes on top of the slashing of tax-free allowance over the past years from £12,300 a year in 2022/3 to only £3,000 this year. However, the hike in CGT rates introduced today is lower than earlier ...
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