An increase in capital gains tax (CGT) in the upcoming Autumn Budget now seems more a matter of "when" and "by how much" than “if”, according to Quilter tax and financial planning expert Rachael Griffin.
Speculation is intensifying around an imminent rise in CGT as Labour prepares to unveil its first budget later this month. This is following reports suggesting that chancellor Rachel Reeves is considering a hike to rates between 33-39%. Earlier on Thursday, The Guardian reported Reeves had examined increases in CGT to as high as 39%. "A full-scale reform of CGT has perhaps been deemed too lengthy a process for the chancellor to take on, so hiking rates may be viewed as a stop gap in the hopes of boosting coffers in the nearer term," Griffin said. "However, the real question will be...
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