Healey to reject calls to raise capital gains tax in budget

Finance officials have ruled out raising capital gains tax in the upcoming budget, defying pressure from within the government. Treasury sources suggest the chancellor believes higher rates could trigger wealthy individuals to delay asset sales or relocate investments abroad, potentially reducing revenue. The decision comes despite repeated calls from cabinet colleagues to adjust the tax. Concerns over economic impact have shaped the final approach ahead of next week’s financial statement.

Cabinet colleagues have previously called for an increase but chancellor feels it might ultimately cost the TreasuryJohn Healey will not raise capital gains tax in next week’s budget, despite previous calls to do so from cabinet colleagues including Louise Haigh and Wes Streeting.The chancellor has decided that any increase might ultimately cost the Treasury if wealthy individuals defer the sale of assets or move them out of the country, according to Treasury sources. Continue reading...