Chancellor John Healey rules out a capital gains tax hike in next week's Budget, rejecting Streeting and Haigh
HMRC estimated that lifting the higher rate of CGT by 10% would cut Treasury receipts by £3.6billion in 2028-9. Healey is instead expected to target bank profits to fund a cost-of-living package when he delivers the Budget on October 28. Lord Jim O'Neill, who has advised Prime Minister Andy Burnham, warned a rise would send 'very much the wrong message to business'. Fear of a hike sparked asset sell-offs before the last two Budgets.
CGT currently sits at 18% for basic-rate and 24% for higher-rate taxpayers.
Rathbones' Isabella Galliers-Pratt saw clients rethinking asset sales ahead of the Budget.
Labour's manifesto already bars Healey from raising VAT, national insurance or income tax.
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