John Healey has decided against raising capital gains tax (CGT) at the Autumn Budget next week, despite pressure from some members of the Cabinet.
Investment firms have welcomed reports that John Healey has ruled out a “damaging” capital gains tax raid at the Autumn Budget, after warnings the move could harm the domestic economy and weigh on Britain’s appeal to investors.
The Chancellor has decided against raising capital gains tax (CGT) at the Autumn Budget next week, City AM understands, despite pressure from some members of the Cabinet to lift the levy from its current level of 24 per cent for higher rate tax payers.
Why this matters: The decision is expected to boost economic competitiveness and prevent the 'wrong message' being sent to entrepreneurs, business owners, and investors.
What this means for you: If you are a business owner or investor, this decision may provide reassurance and prevent damaging speculation in advance of the Budget next week.
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