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14.11 - 12:15
Why capital gains tax reform should be top of Rishi Sunak’s list
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Wednesday’s budget will not be a big revenue raiser. Rishi Sunak has already raised £40bn in tax this year.
A combination of freezing the income tax thresholds while inflation is roaring, and expanding national insurance contributions, mean that he has raised tax as a share of the economy to the highest level in British history. However, if the chancellor wants to go down in history as a great reformer, rather than merely a revenue raiser, there are some big tax changes he could make.
Top of that list is fixing the taxation of capital gains. This is money received from the sale of assets for more than they were bought. While people often imagine this is the sale of second homes or shares, most of the value of capital gains comes from selling
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