Category Archives: Capital gains tax

Reeves accused of betraying small family firms with inheritance tax rises

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Chancellor also criticised for letting the very rich off the hook with a lower than expected rise in capital gains tax

Tax rises aimed at inherited wealth are at risk of backfiring, after the chancellor was accused of betraying small family businesses while letting private equity bosses off the hook.

Labour’s first budget in 14 years included measures to close inheritance tax (IHT) loopholes and press ahead with scrapping the controversial non-dom tax status, as well as levying higher taxes on private jet flights.

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Rachel Reeves has promised not to raise taxes, so how can she fill budget coffers?

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Chancellor said to be planning measures including raising employer NI contributions and capital gains tax rates. We consider the likelihood of each and the potential for a row

During the general election campaign, Paul Johnson of the Institute for Fiscal studies repeatedly accused both main parties of indulging in a “conspiracy of silence” over their economic policies. Neither Labour nor the Tories would admit, he complained, that if they won they would have to announce huge tax rises or spending cuts to restore the public finances to anything resembling good health.

On Wednesday, 118 days after Labour won the election, Rachel Reeves will prove Johnson right. In her first budget she will spell out plans to raise an eye-watering sum of about £40bn from tax rises and spending reductions to wipe the slate clean and to pump funds into public services. She will also confirm changes to debt rules that will release up to £50bn more to borrow for long-term investment in new national infrastructure.

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Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

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Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

Rachel Reeves has been urged by a group of millionaire business owners to raise £14bn from an increase in capital gains tax at this month’s budget, arguing it would have no impact on investment in Britain.

Ahead of the chancellor’s set-piece event on 30 October, the group of wealthy investors said increasing the tax rate on asset disposals would help to raise vital funds for public services and would not lead to slower economic growth.

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Surge in larger homes for sale amid capital gains tax fears, Rightmove says

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Speculation Rachel Reeves to raise tax in budget thought one reason for some homeowners cashing out

Growing speculation about a capital gains tax (CGT) raid in October’s budget appears to have prompted a surge in the number of larger homes being put up for sale, the UK’s biggest property website says.

Rightmove said in the week ending 9 September there had been “a flurry of activity at the top end” of the market. The number of larger homes – defined as four-bedroom detached houses and all five-bedroom and larger properties – being listed for sale in Great Britain was 15% more than in the same period last year. And in the east and south-west of England, which include some of the UK’s most popular coastal and countryside hotspots, the percentage was over 20%.

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Wealth taxes could raise £10bn to help plug Tory budget hole, say economists

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Reforms to inheritance and capital gains taxes could reduce £20bn shortfall and combat UK’s widening wealth gap

Rachel Reeves could quickly find around £10bn a year to plug half of the fiscal hole left by the Conservatives if she were to raise taxes on soaring levels of unearned wealth, according to leading economists.

New research by the independent Resolution Foundation published today finds that Britain is a country of “booming wealth” but “busted wealth taxes”, leaving ample potential for the chancellor of the exchequer to raise desperately needed funds by raising taxes on the richest.

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Keir Starmer promises no capital gains tax on sales of homes

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Labour leader rejects ‘desperate’ claim from Tory party that he has secret property tax plans

Keir Starmer has ruled out imposing capital gains tax on the sale of people’s homes and said it was “desperate” tactics from the Tories to suggest that he would.

The Labour leader said he could “absolutely” guarantee that would not happen.

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Harder to own your first home under the Tories, Rishi Sunak admits – UK politics as it happened

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PM acknowledges in BBC Panorama interview to air tonight that it is a challenge for people to buy their first home

Davey sums up the Lib Dems’ plans on health and social care

And he says he wants to mention one other policy he is particularly proud of – the proposal to give proper bereavement support to parents whose partners have died.

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Jeremy Hunt vows to pay more capital gains tax on his properties

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Chancellor refuses to disclose number of houses owned but says he will pay higher tax rate on proceeds from sales

Jeremy Hunt has promised to voluntarily pay more capital gains tax on his properties so that he does not benefit from a tax cut he introduced.

The chancellor refused to disclose how many houses he owned but said he would pay a higher tax rate on any proceeds from selling his property.

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Budget 2024: Jeremy Hunt announces 2p cut in national insurance

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Chancellor also scraps ‘non-dom’ tax breaks and slashes capital gains on property in pre-election gambit

Jeremy Hunt has announced a 2p national insurance cut in his budget as a pre-election gambit to revive flatlining opinion poll ratings and reboot Britain’s economy from recession.

In what could be the last major economic intervention before voters go to the polls, the chancellor said the government was making progress on its economic priorities and could now help hard-pressed families by permanently lowering certain taxes.

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Rishi Sunak paid effective tax rate of 23% on £2.2m income last year

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Low capital gains rate and US location of funds mean tax bill of £508,000 much less than under top income rate of 45%

Rishi Sunak paid more than half a million pounds in tax in 2023 after making a £1.8m profit on his holding in a US investment fund, a summary of his tax affairs shows.

The prime minister published the document on Friday, showing he paid a tax bill of £508,308 in the financial year 2022-23 on overall earnings and gains of £2.23m.

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Keir Starmer follows Rishi Sunak in releasing tax returns

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Labour leader earned little outside his parliamentary income apart from windfall after sister sold home he helped her buy

Keir Starmer has released his tax returns for the last two years, showing that he earned little outside his parliamentary income except for a windfall when his sister sold the family home that he helped her buy.

The Labour leader released a summary of his past two years of tax payments on Thursday, a day after the prime minister, Rishi Sunak, released three years of his.

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Super-rich prepare to leave UK ‘within minutes’ if Labour wins election

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Wealthy see potential taxes imposed by Jeremy Corbyn as bigger threat than Brexit

The super-rich are preparing to immediately leave the UK if Jeremy Corbyn becomes prime minister, fearing they will lose billions of pounds if the Labour leader does “go after” the wealthy elite with new taxes, possible capital controls and a clampdown on private schools.

Lawyers and accountants for the UK’s richest families said they had been deluged with calls from millionaire and billionaire clients asking for help and advice on moving countries, shifting their fortunes offshore and making early gifts to their children to avoid the Labour leader’s threat to tax all inheritances above £125,000.

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