Chancellor refuses to rule out CGT rise

07 Aug 2024

Chancellor Rachel Reeves has refused to rule out an increase in capital gains tax (CGT) at the Autumn Budget in October.

Ms Reeves said that it is crucial that the government 'strikes the right balance' when it comes to fiscal policy.

She stated: 'We've got a Budget on 30 October and we will set out our policy then, but it's always important when you're deciding tax policy to strike the right balance.

'Of course you need to bring in the revenue to fund vital public services, but we've also got to grow the economy.'

Ms Reeves said that the tax burden in the UK has 'got too high' and outlined her intention to bring it down in order to 'make Britain the best place to start and grow a business'.

The Chancellor also confirmed that the government will stick to its election commitments and not increase income tax, national insurance or VAT at the Budget.

We will be keeping you up to date on all the Budget announcements.