Chancellor will not raise capital gains tax in budget, reports say
Chancellor John Healey has decided not to raise capital gains tax in the budget, despite pressure from Labour figures, according to the BBC and the Guardian.
Chancellor John Healey will not raise capital gains tax (CGT) in the budget, the Guardian and the BBC report. The Guardian says the budget is due next week.
The Guardian, citing Treasury sources, says Healey concluded that a rise might end up costing the Treasury money. Wealthy people could put off selling assets or move them out of the country.
Cabinet colleagues had urged an increase. The Guardian names Louise Haigh and Wes Streeting among them. The BBC says influential Labour figures had pushed to bring CGT in line with income tax.
The BBC says critics of that idea argued it could drive wealthy people out of Britain.
Reported by
- BBC NewsChancellor rejects calls to raise Capital Gains Tax in BudgetMon, Oct 19, 9:31 PM EDT
- The GuardianHealey to reject calls to raise capital gains tax in budgetTue, Oct 20, 3:27 AM EDT
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