Chancellor Rachel Reeves is reportedly set to target two taxes in the Autumn Budget as she looks to raise cash for the new Labour government
Rachel Reeves is reportedly planning to increase funds from both inheritance tax and capital gains tax in the Autumn Budget.
Capital gains tax is levied on the profit made from selling an asset that has appreciated in value, such as stocks not held in ISAs or second homes. This tax is payable by individuals, self-employed sole traders, business partners, and company owners, among others. Tina McKenzie from the Federation of Small Businesses told the BBC: "No government at all serious about growth would hike CGT on entrepreneurs selling a small business". She added that investing in a small business is already one of the least tax-efficient things anyone can do with their money, expressing hope that the party would continue to work "in partnership" with businesses, reports Birmingham Live.
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