Chancellor John Healey rules out a capital gains tax hike in next week's Budget, rejecting calls from cabinet ministers
Treasury estimates suggest raising capital gains tax would actually cut revenue, because wealthy people could quit Britain or delay selling assets. HMRC estimated lifting the higher rate by 10% would reduce receipts by £3.6bn in 2028-9. Cabinet ministers Wes Streeting and Louise Haigh pushed for a hike over the summer. Healey will instead lean on a tax raid on bank profits on 28 October.
Billionaires David and Simon Reuben have relocated to Monaco with an estimated £28bn fortune.
Lord O'Neill of Gately warned a rise would send 'very much the wrong message to business'.
Kemi Badenoch is urging ministers to 'live within our means' with £70bn of cuts.
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The SunLabour drops plans for brutal wealth tax raid in next week's BudgetDaily MailChancellor kills Labour Left's hopes of CGT hike in BudgetEvening StandardChancellor John Healey 'rules out increasing capital gains tax' in BudgetThe GuardianHealey to reject calls to raise capital gains tax in budgetThe IndependentChancellor reveals whether he would raise capital gains tax in BudgetEvening StandardJohn Healey rejects calls to raise capital gains tax at the BudgetCity A.M.John Healey rules out capital gains tax hike in BudgetBBC NewsChancellor rejects calls to raise Capital Gains Tax in BudgetLBCHealey dismisses calls to hike capital gains tax at Budget over worries of hit to growthLBCHealey rejects calls to raise capital gains tax at the BudgetThe TelegraphHealey rules out capital gains tax rises in BudgetThe IndependentBadenoch takes aim at Healey over public finances ahead of Budget
