Chancellor Rachel Reeves is said to be considering raising the rate of capital gains tax (CGT) on sales of second homes and businesses to as high as 39% in the upcoming Budget
Reports have indicated that Rachel Reeves might increase capital gains tax on the sale of second homes and businesses to as high as 39% at this month's budget. The Chancellor is reportedly contemplating raising the rate from the present 20% to 28% for higher-rate taxpayers.
A Treasury spokesperson commented that any reports on particular tax changes were "pure speculation." Concerns are mounting over the few options available for tax increases, with the Institute for Fiscal Studies think tank declaring a potential financial shortfall as substantial as £25 billion. Speaking to The Guardian, a source revealed, "Some very big tax decisions are being left until very late in the day."Ms Reeves, together with Sir Keir Starmer, has consistently promised not to raise taxes for "working people", excluding hikes in income tax and national insurance.
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