Capital gains tax is to be reduced in a bid to increase Government revenues, the Chancellor has announced in his Spring Budget.
The rate paid by higher or additional taxpayers on residential property is to drop from the current 28 percent to 24 percent.
Chancellor Jeremy Hunt said: “We can now help families not just with temporary cost of living support but with permanent cuts in taxation.”
Depsite the tax relief, many Britons will see their capital gains tax bills increase in the new tax year, as the tax-free allowance for the levy is decreasing from the current £6,000 to £3,000.
The top taxman also announced plans for National Insurance to be cut by a further 2p from April, following a 2p cut in last year’s Autumn Statement.
More to follow…
