Chancellor John Healey rejects calls to raise Capital Gains Tax
He denies increasing CGT ahead of Budget, citing investor concerns.
Key facts
- According to BBC, Healey dismissed calls from Labour MPs to raise CGT.
- BBC reports CGT is 18% for basic rate taxpayers and 24% for higher rate taxpayers.
- BBC notes HMRC estimated a 10% lift would reduce Treasury receipts by £3.6bn in 2028‑9.
- BBC reports Healey said he wants the country to be a wealth‑creation hub.
- BBC reports senior banking executives expect Healey to raise taxes on the sector.
According to BBC, Healey dismissed calls from Labour MPs to increase CGT before the Budget. BBC reports that the move followed warnings that it could cost the government money if wealthy people leave the country or defer selling assets.
BBC states CGT is 18% for basic rate taxpayers and 24% for higher rate taxpayers. BBC notes HMRC estimated a 10% lift would reduce Treasury receipts by £3.6bn in 2028‑9.
BBC reports Healey said he wants the country to be a wealth‑creation hub. BBC states he said the government should raise confidence, investment and profit in British business.
According to Politico Europe, the Treasury is shrouded in secrecy. Politico Europe reports that the early reveal of Budget secrets is linked to concerns about growth and the Conservative economic front.
BBC reports Kemi Badenoch will urge the government to reduce spending and borrowing. BBC states she will signpost a plan to save £70bn in cuts, including to welfare and overseas aid.
Context
Labour MPs and ministers previously supported raising CGT. The Chancellor cited investor exodus warnings and revenue loss estimates. The Budget debate is imminent.
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How this was made
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