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.
15/08/2024
View all >
10/09/2026
Criminalising tax mistakes could hit low-income taxpayers
HMRC’s proposal to make it easier to prosecute taxpayers could have a detrimental impact on low-income unrepresented taxpayers, warns the Low Incomes Tax Reform Group (LITRG).
READ MORE
240 crypto millionaires revealed by HMRC data
Declarations of over £1 million in capital gains from cryptoassets in the 2024/25 tax year were made by 240 individuals, according to data published by HMRC.
Growth outlook affected by weak business investment
The latest economic forecast published by the British Chambers of Commerce (BCC) has revealed that the growth outlook for the UK has been affected by weak business investment.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.