Chancellor rejects calls to raise Capital Gains Tax in Budget
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Chancellor of the Exchequer John Healey has dismissed calls from some Labour MPs to increase Capital Gains Tax (CGT) when he hands down his first Budget.
Cabinet ministers Wes Streeting and Louise Haigh both previously voiced support for raising CGT before Andy Burnham became prime minister in July. Ahead of next week's Budget, Healey ruled out lifting CGT—which is imposed on the profit people make when they sell an asset that has increased in value, such as shares in a company or properties which are not primary residences.
The move followed warnings that it could end up costing the government money if wealthy people leave the country or defer selling off assets, the Times newspaper reported.
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