A Treasury minister rebutted claims that capital gains tax could hit 39 per cent but did not rule out a rise in the Budget. James Murray stressed that a possible jump to 39 per cent was something that he “completely didn’t recognise”.

As Kiplinger previously reported, the Washington capital gains tax imposes a 7% levy on profits exceeding $250,000 from the sale of assets, including stocks and bonds. In its first year, the tax generated approximately $786 million in revenue, with collections reaching over $400 million by mid-May 2024.

Rachel Reeves should increase capital gains tax (CGT) at Labour’s upcoming Budget, a group of millionaire business owners have urged, estimating the measure would raise £14bn a year.

Capital gains tax is often called the forgotten levy - but it is unlikely that Chancellor Rachel Reeves will overlook it in her Autumn Budget.

Britain will increase the rate of capital gains tax payable on sales of shares and other assets in an Oct. 30 budget statement, the Times newspaper reported on Wednesday, saying the increase for share sales was likely to be several percentage points.

Rachel Reeves is planning to increase the rate of capital gains tax on shares sales but not on properties such as second homes, it was reported today. The Chancellor will use her Budget to implement a raft of tax raising measures to close a funding gap now estimated at £40 billion a year.