Chancellor John Healey rules out a capital gains tax hike in next week's Budget despite calls from cabinet colleagues
HMRC estimated last year that lifting the higher rate of capital gains tax by 10% would cut receipts by £3.6bn in 2028-9. Fears of a raid had sparked rushes to sell assets before the last two Budgets. Healey will instead deliver his first Budget on October 28 with a tax raid on banks expected to be his main revenue raiser. Investment firms welcomed the decision.
Burnham adviser Lord O'Neill warned a rise would send 'the wrong message to business'.
Rathbones reported clients questioning whether to bring forward asset sales before the Budget.
Healey said last month: 'I want to see this country as a country of wealth creation.'
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