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Changes to capital gains tax (CGT) were among the most anticipated elements in the run-up to the first Labour Budget in 14 years. Unlike other taxes CGT was notably left open for potential increases in the Labour manifesto.
As a result of this many transactions tax advisers including the authors saw a surge in work with a significant number of business owners hoping to crystallise a CGT disposal prior to the Budget and secure the 10%/20% rates of tax assuming that any rate changes would have immediate effect.
At one point we were questioning whether this was all a ruse to create a short-term spike in tax revenues; if it was it worked. However as expected by many we did see increases in CGT and some of those changes were indeed enacted from 30 October 2024. This means...
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