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Insight

Budget 2016; Capital Gains Tax rates

George Osborne has announced that the Government will reduce the rates of CGT from 28% and 18% to 20% and 10%. However, the 28% and 18% rates of CGT will be retained for chargeable gains relating to residential property and to carried interest. The reduction in rates will apply to relevant gains accruing on or after 6 April 2016. The Government says that it wants to "create a strong enterprise and investment culture. Cutting the rates of CGT for most assets is intended to support companies to access the capital they need to expand and create jobs. Retaining the 28% and 18% rates for residential property is intended to provide an incentive for individuals to invest in companies over property." Read the policy paper here: https://www.gov.uk/government/publications/changes-to-capital-gains-tax-rates/changes-to-capital-gains-tax-rates

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