The maximum rate of capital gains tax will be hiked to 24 per cent, Chancellor Rachel Reeves announced in today’s Autumn Budget.

“This means the UK will still have the lowest capital gains tax rate of any European G7 economy,” said Reeves in her speech to Parliament.

Currently, higher-rate taxpayers face capital gains tax rates on profits above £3,000, with 20 per cent charges for most assets and 24 per cent for residential property. Basic-rate taxpayers pay 10 per cent and 18 per cent, respectively.

Now, the government will increase the lower rate of capital gains tax from 10 per cent to 18 per cent, and the Higher Rate from 20 per cent to 24 per cent. The residential property thresholds will remain unchanged.

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Produced by: Joe Lee, Lars Mucklejohn, Elliot Gulliver-Needham, Larissa Howie, Emmanuel Nwosu

#budget #budget2024 #capitalgainstax #tax #labour #labourparty

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