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Autumn Budget 24: Labour raises lower and higher rates of capital gains tax with immediate effect
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In her Autumn Budget today (30 October), Reeves said that CGT on residential property will remain unchanged at 18% and 24%. In addition, Reeves said she will increase CGT rates on carried interest to 32% from April 2025, up from 28% as it currently stands. The hike in CGT rates comes on top of the slashing of tax-free allowance over the past years from £12,300 a year in 2022/3 to only £3,000 this year. However, the hike in CGT rates introduced today is lower than earlier reports this month from The Guardian, suggesting Treasury officials were taking into consideration a rise in CGT...
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