The chancellor has rejected calls to raise Capital Gains Tax in the Budget, resisting pressure from influential Labour figures who wanted the tax to be brought into line with income tax.
Supporters of the proposal had been pushing for Capital Gains Tax and income tax to be equalised. The source material does not provide details of the rates involved or set out the chancellor’s reasons for rejecting the calls.
Critics of a higher Capital Gains Tax have warned that the move could encourage wealthy people to leave Britain. The decision leaves the existing position on Capital Gains Tax unchanged, based on the information available.
