Speculation on the Budget’s content has continued after the prime minister, Sir Keir Starmer, said that “those with the broadest shoulders should bear the heavier burden” during a speech last week. And with Labour vowing to avoid rises in income tax, national insurance and VAT, many believe chancellor Rachel Reeves will look to raise much-needed cash from hikes in inheritance tax and CGT on 30 October.
Capital gains tax is a levy on any profit made on the sale of an asset, such as shares or buy-to-let properties. It is currently set at between 10 and 28 per cent. Ms Reeves has declined to rule out a potential increase in the tax, saying she will “write a Budget two months ahead of delivering it”.
But Tom Adcock, a former HMRC tax inspector and tax partner at Gravita, told The Independent a number of entrepreneurs, high earners and wealth generators are already choosing to leave the UK.
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