On the eve of Halloween our first woman Chancellor Rachel Reeves managed to give us a much less frightening CGT experience than had previously been feared. Many of the pre-Budget rumours such as equalising CGT with income tax rates and the abolition of Business Asset Disposal Relief (BADR) did not make her Budget spell book. Instead the proposed CGT changes are more measured and realistic. They also demonstrate that the Treasury does indeed understand the economics of the Laffer-curve!
Main CGT rate changes
Although CGT rates for individuals and trustees are normally set for a full tax year the new CGT rates apply to disposals made from Budget Day (30 October 2024). Thus 2024/25 is a split year for CGT purposes with the main post-29 October 2024 CGT rate for disposals of all assets (except residential property) increasing from 20% to 24%. Gains...
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Home >Articles > Autumn Budget 2024: nothing too scary about CGT
Autumn Budget 2024: nothing too scary about CGT
On the eve of Halloween our first woman Chancellor Rachel Reeves managed to give us a much less frightening CGT experience than had previously been feared. Many of the pre-Budget rumours such as equalising CGT with income tax rates and the abolition of Business Asset Disposal Relief (BADR) did not make her Budget spell book. Instead the proposed CGT changes are more measured and realistic. They also demonstrate that the Treasury does indeed understand the economics of the Laffer-curve!
Main CGT rate changes
Although CGT rates for individuals and trustees are normally set for a full tax year the new CGT rates apply to disposals made from Budget Day (30 October 2024). Thus 2024/25 is a split year for CGT purposes with the main post-29 October 2024 CGT rate for disposals of all assets (except residential property) increasing from 20% to 24%. Gains...
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