UK chancellor rejects equalising capital gains and income tax rates
AI-generated briefing · First published
Chancellor John Healey has rejected calls to raise capital gains tax to match income tax rates, citing risks to investment and tax revenue.
UK Chancellor John Healey has rejected proposals to equalise capital gains tax with income tax rates, despite support from senior Labour figures including Wes Streeting and Neil Kinnock. The move follows warnings that such a change could reduce the UK's appeal to investors and prompt high-net-worth individuals to leave the country. [1] [2]
Current rates stand at 24% for capital gains and up to 45% for income tax. Healey is preparing the 28 October budget amid a £35 billion funding gap identified by the Institute for Fiscal Studies. The Treasury is considering smaller tax increases and reliefs to encourage reinvestment of business-sale proceeds in the UK. [2]
Sources
- Healey rejects calls to equalise capital gains and income tax rates
Financial Times · · Summary only
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